- Argo Blockchain ( NASDAQ: ARBK ) has agreed to sell its Helios mining facility in Texas and its related operations to Canada-listed investment management company Galaxy Digital for $65M.
- The deal will reduce its total indebtedness by $41M.
- The troubled miner has been looking for extra capital to avoid filing for bankruptcy.
- The sate-of-the-art facility will significantly expand Galaxy's Mining capabilities.
- Argo said it will keep owning its fleet of Bitmain S19J Pro mining machines, which Galaxy has agreed to host at Helios over two years.
- Galaxy intends to utilize Helios as its flagship proprietary mining facility and retain the entire operations team.
- With the move, Helios is expected to provide Galaxy with as much as 800 MW of capacity, enabling the company to grow its proprietary and hosted bitcoin mining infrastructure beyond its previously stated goals.
- The deal is expected to close on December 28, 2022.
- The miner was temporarily suspended from trading on the London Stock Exchange earlier this month after accidentally posting it had filed for bankruptcy protection.
- Trading was again suspended on Nasdaq Tuesday in anticipation of the announcement. Last week, giant Core Scientific also filed for Chapter 11 bankruptcy protection .
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Argo Blockchain to sell Helios mining facility to Galaxy Digital