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Argo Blockchain Secures $20M Bitcoin-Backed Loan to Expand Texas Data Center

The loan agreement is for a six-month term and will be used to expand Argo’s West Texas data center.

Updated Sep 14, 2021, 1:18 p.m. Published Jun 29, 2021, 6:19 p.m.

Argo Blockchain (LON: ARB) announced that it has secured a £14 million (US$20 million) loan from Galaxy Digital to expand its West Texas data center.

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Argo Blockchain said the loan agreement is for a term of six months and includes a portion of the company's bitcoin holding as collateral.
Proceeds will be used to continue the expansion of the company's data center in West Texas and to meet its operating cash flow requirements.
In March, London-based Argo acquired the New York firm DPN LLC, bringing it ownership of a chunk of land in West Texas for the construction of a new cryptocurrency mining facility.
“This agreement allows Argo to secure competitive terms on a loan facility while also allowing us to continue to HODL our bitcoin," Argo CEO Peter Wall said.