Argo shares soar following $65M sale of mining facility to Galaxy digital

Dec. 28, 2022 at 11:45 am

By Oluwapelumi Adejumo

The Helios facility sales' proceeds and part of the loan would be used to repay all of its indebtedness, including that owed to crypto lender NYDIG.

Struggling Bitcoin (BTC) miner Argo Blockchain sold its Helios mining facility in Texas to Galaxy Digital for $65 million and also got a $35 million loan from the company as part of the deal, according to a Dec. 28 statement.

Following the news, Google Finance data shows that its London shares were up by over 100% to £7.22 as of press time.

Argo repays old loans using new financing

According to the press statement, Argo used the proceeds from the Helios facility sales and part of the loan to repay its debt, which includes the money it owes crypto lender NYDIG.

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