Galaxy Digital has helped Bitcoin miner Argo Blockchain avoid filing for bankruptcy protection.
Argo Blockchain has agreed to sell its Helios mining facility in Dickens Country, Texas, to Galaxy Digital for $65 million.
Argo Blockchain will also get a new $35 million loan from Mike Novogratz’s Galaxy Digital financial services firm.
The transaction will help Argo bolster its balance sheet and avoid bankruptcy. The Bitcoin Miner found itself in a difficult situation when a deal for $27 million in funding fell through in October.
Earlier this month, the miner said that it was in advanced negotiations to sell some of its assets and carry out an equipment financing transaction to avoid filing for Chapter 11 bankruptcy.
Yesterday, the company requested a 24-hour suspension of trading in its Nasdaq stock (ARBK), while the London market was closed for a U.K. bank holiday.
Additionally, Argo will enter into a two-year hosting agreement with Galaxy, securing a place for Argo’s computers to keep mining at the Helios facility, according to the statement.