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Argo Blockchain (ARB) Secures £14m Bitcoin-Backed Loan Agreement

Updated: 29 Jun 2021

Argo Blockchain (LON:ARB) said on Tuesday that it has secured a £14 million ($20 million) loan agreement for a term of six months with Galaxy Digital LP using a portion of the Company's Bitcoin holding as collateral.

Argo will use the proceeds in conjunction with previously raised funds to continue its West Texas data centre's build-out and meet its operating cash flow requirements.

The agreement will allow Argo to retain its current Bitcoin holding whilst further expanding its mining operations.

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Peter Wall, CEO of Argo, said: “We are delighted to work with Galaxy Digital LP as we pursue our growth plans, and to form a solid relationship with them as a financing partner. This agreement allows Argo to secure competitive terms on a loan facility while also allowing us to continue to HODL our Bitcoin.”

Argo Blockchain's share price has fallen over 39.8% in the past three months as Bitcoin's price has tumbled, and it is down another 1.93% today. However, it is still up over 300% for the year to date.

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