Dec 28 (Reuters) – Crypto miner Argo Blockchain Plc said on Wednesday it will sell its Helios mining facility for $65 million and refinanced a new asset-backed loan deal, in a bid to avoid filing for bankruptcy.
Argo will sell the Helios facility to Canada-listed investment management company Galaxy Digital Holdings. The transactions include the refinancing of loans with a new line of credit of $35 million at Galaxy, which will help reduce total debt by $41 million, the company said in a press release.
The news comes during a year in which cryptocurrencies have undergone a period of turmoil, with the collapse of crypto exchange FTX the latest blow to the industry.
Digital currency miners like Argo Blockchain use computers to solve cryptographic problems and receive a reward in the form of cryptocurrency.
Argo, which had previously warned it was at risk of having insufficient cash to support ongoing business operations over the next month, said the deals would allow the company to continue its operations.
