Argo Blockchain Takes $25 Mln Bitcoin-Backed Loan to Fund Expansion

By Jaime Llinares Taboada

Argo Blockchain PLC said Friday that it has taken a $25 million Bitcoin-backed loan from Galaxy Digital LP.
The cryptocurrency miner, which already has an outstanding $20 million loan with Galaxy Digital, said the money will be used to continue to build its West Texas data center and to meet operating cash flow requirements.

“The loan will enable Argo to retain its current Bitcoin holding, whilst further expanding its mining operations,” Argo said.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT