- Stocks up by 120%
- Agreement to secure a $35 million loan from Galaxy
- Allows the firm to continue its business
Dec 28 (Reuters) – Crypto miner Argo Blockchain (ARB.L) Wednesday announced that it will sell its products Helios It seeks to avert bankruptcy by refinancing an asset-backed loan and mining facility worth $65 million. London That saw the stocks soar. .
ArgoThe firm, which warned earlier this month that it may have to file for Chapter 11 bankruptcy protection due to lack of cash, declared that the agreements will enable the company to carry on its operations.
LondonShares that are not listed ArgoThe cryptocurrency miner sold and re-financed the deal, which saw the crypto investor’s stocks surge 120% to 8.5pence in early trading. This is despite having dropped 92% so far this fiscal year. Galaxy Digital Holdings (GLXY.TO) List in Canada.
The Refinancing of loans up to $35 million with these transactions GalaxyThe firm asserted in a statement that the acquisition will reduce its total debt by $41 million.
The CEO created cryptominer in 2017. Peter WallDespite lower bitcoin prices and rising energy costs, he was trying to keep up with rising costs. Helios.
Digital Currency miners such as the Argo Blockchain Use computers to solve cryptographic issues and get rewarded in cryptocurrency