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Argo Blockchain Secures $20M Bitcoin-Backed Loan to Expand Texas Data Center
The loan agreement is for a six-month term and will be used to expand Argo’s West Texas data center.
Argo Blockchain (LON: ARB) announced that it has secured a £14 million (US$20 million) loan from Galaxy Digital to expand its West Texas data center.
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- Argo Blockchain said the loan agreement is for a term of six months and includes a portion of the company's bitcoin holding as collateral.
- Proceeds will be used to continue the expansion of the company's data center in West Texas and to meet its operating cash flow requirements.
- In March, London-based Argo acquired the New York firm DPN LLC, bringing it ownership of a chunk of land in West Texas for the construction of a new cryptocurrency mining facility.
- “This agreement allows Argo to secure competitive terms on a loan facility while also allowing us to continue to HODL our bitcoin," Argo CEO Peter Wall said.
Read more: Argo and DMG Join Group Working to Lower Bitcoin Miners’ Carbon Emissions
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
