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Argo Blockchain Files to Raise Up to $57.5M in Senior Notes
The crypto miner said it will use the proceeds to build out its facility in Texas, make potential acquisitions and for general corporate purposes.
By Aoyon Ashraf
Updated May 11, 2023, 4:04 p.m. Published Nov 8, 2021, 2:39 p.m.
Argo Blockchain (ARBK), the London-based cryptocurrency miner, has filed to raise up to $57.5 million in senior notes that would be due in November 2026, with an interest rate of 8.75%.
- Argo will use the proceeds for general corporate purposes, and construction and build-out of its Texas mining facility, as well as potential acquisitions or investments in businesses involved with cryptocurrency and blockchain technology.
- Argo also said that it mined 167 bitcoin or bitcoin equivalent in October with mining revenue of $9.75 million and a margin of approximately 86%.
- Argo’s American depositary shares fell slightly in early trading on Monday, while other miners surged amid bitcoin’s rally.
Read more: Argo Blockchain Shares Fall After Workers Accidentally Share Non-Public Information
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