As per the latest reports, Argo Blockchain has made an announcement in regards to getting support from Galaxy Digital. The firm has revealed that Galaxy Digital LP has finalized another successful loan agreement with it,s executives.
Argo Blockchain has confirmed that this is not the first loan agreement that has been finalized between the entities. The mining firm has announced that it has successfully acquired the loan from Galaxy Digital and the collateral asset would be Bitcoin (BTC).
The announcement in regards to the acquisition of a loan from Galaxy Digital LP was made by Argo Blockchain on Friday, September 10, 2021. The announcement was reportedly made by the stock exchange of London for the acquisition of a loan.
It has been confirmed that the recent loan agreement is going to bring in £18.05 million for the firm. At the time of writing, the particular loan amount translates to $25 million.
Prior to acquiring the recent loan from Galaxy Digital LP, Argo Blockchain had acquired the last loan from the firm back in June of 2021. At that time, the London Stock Exchange had revealed that Galaxy Digital had reportedly granted a $20 million loan for Argo Blockchain.
Argo Blockchain has also gone ahead revealing what it intends to do with the funds it has received from Galaxy Digital. The first priority that Argo Blockchain has on top of its to-do list is the expansion of its services in Texas, the United States.
The firm revealed that in a process of two acquisitions from Galaxy Digital LP, it has accumulated around $45 million. A large sum from these funds will be allocated towards the expansion of Argo Blockchain in Texas. The firm will be moving ahead with acquiring more mining equipment for Bitcoin and open up more farms in the process.
Back in March of 2021, Argo Blockchain had made an announcement in regards to a large piece of land it had successfully acquired. The firm revealed it had required a large piece of land in Texas that was spread in an area of 320-aces.
At that time, Argo Blockchain had revealed that it was going to build a large facility for mining Bitcoin. The firm revealed that the facility would consume 200-megawatt of energy in order to operate the mining farm for Bitcoin.
Argo Blockchain has revealed that it is glad that it was able to be on the same page with Galaxy Digital LP when it came to acquiring loans in the form of Bitcoin.
The Argo Blockchain avoided selling the Bitcoin it had mined to generate capital for the expansion of its facilities and services in Texas. The firm has announced that it will be able to benefit a lot from the agreement it has formed with Galaxy Digital.