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Galaxy Digital, a cryptocurrency investment business, has paid $65 million for the main facility of Bitcoin (BTC) miner Argo Blockchain.
According to Argo, billionaire Mike Novogratz’s crypto investment group is purchasing the Helios mining plant in Dickens Country, Texas, and lending the ailing company $35 million.
When the price of Bitcoin fell this year, Argo found itself in financial jeopardy. Argo will be able to escape bankruptcy with the transaction.
Helios commenced operations in May 2022 and has the ability to operate up to 180 megawatts (MW) of mining capacity on the 160-acre site with a crew of around 40 workers.
Chris Ferraro, President and CIO at Galaxy Digital, said:
“Galaxy is aspiring to be one of the most trusted nodes of the decentralized future. The acquisition of Helios represents a new stage over our two-year journey in Bitcoin mining that increases our operating scale and breadth of solutions, creating sustainable value for the biggest decentralized digital asset network and shareholders alike.”
The CEO of Argo, Peter Wall, added:
“This transaction with Galaxy is a transformational one for Argo and benefits the company in several ways. It reduces our debt by $41 million and provides us with a stronger balance sheet and enhanced liquidity to help ensure continued operations through the ongoing bear market. It also allows us to focus on optimizing our operations with significantly lower Capex and Opex requirements.”