Argo Blockchain announces extension of Galaxy loan

Cryptocurrency miner Argo Blockchain plc (LON:ARB) announces the extension of its loan with Galaxy Digital Holdings Ltd through to December 28, 2024.

As of June 30, 2024, the remaining balance of the loan is $5.7 million, which has been reduced from the $35 million originally advanced in December 2022.

With this further loan repayment, the Company expects reduced monthly interest expense on the loan from $440k in July 2023 to $78k in July 2024.

Argo Blockchain plc is a dual-listed (LSE: ARB; NASDAQ: ARBK) blockchain technology company focused on large-scale cryptocurrency mining. With mining operations in Quebec and Texas, and offices in the US, Canada, and the UK, Argo’s global, sustainable operations are predominantly powered by renewable energy.