Bitcoin Miner Argo Blockchain Reports Selling 637 BTC to Reduce Loan – crypto.news - BitcoinEthereumNews.com
Argo Blockchains Reports Selling 637 BTC in June In a blog post published on Thursday, Argo reported that it sold 637 Bitcoin (BTC) at an average price of $24,500 in June, totaling around $15.6 million. The firm intended to utilize the funds to lower its debt to Galaxy Digital, from whom Argo had obtained separate $20 million and $25 million BTC-backed loan arrangements in 2021. According to the mining firm, as of June 30, it has an outstanding balance of $22 million on the loan and “sufficient liquidity to avoid any potential liquidation of the BTC-backed loan if Bitcoin price continues to decline.” “We have seen positive results from our risk management strategy through which we have reduced the companys exposure to its BTC-backed loan, and we have hired a full-time derivatives trader,” said Argo CEO Peter Wall. “We believe the company is well-positioned to navigate the current market conditions and further increase our efficiencies.” In June, Argo mined 179 BTC, a 44% increase over the previous month. According to the firm, this was primarily due to an increase in hash rate and increased uptime at the new Texas facility. The company owned 1,953 bitcoin as of June 30, including 210 bitcoin equivalents. Last month,