- Argo Blockchain sold another slot of 887 Bitcoin holding in July 2022, amounting to $20.1Million.
Argo Blockchain is a cryptocurrency mining company continuously selling its Bitcoin holding to pay the debt to Galaxy Digital, a renowned crypto investment firm.
Argo Blockchain sold another slot of 887 Bitcoin holding in July 2022 to lower the obligation on the Bitcoin Backed Loan agreement with Galaxy Digital.
Argo sold Bitcoin for the average price of $22,670 per BTC, and the total sale amounts to $20.1 million. The total outstanding loan on Argo in the second quarter of 2022 is around $ 50 million.
According to the latest updates of July 31, 2022, Argo only holds a $6.72 Million debt from Galaxy Digital. Argo Blockchain reported on June 30, 2022, that the company had sold 637 Bitcoin for $15.6 million, and till that time, the company was in debt of a $ 22 million loan.
Argo is selling its BTC holding with a rapid speed to clear the debt on the firm. It is noted that the company is still holding 1295 Bitcoin along with 227 BTC equivalents.
In a media statement, Argo officials mentioned that the company had increased its mining volume in July 2022. In July, Argo earned 219 Bitcoin in mining and mined 179 Bitcoins in June 2022. According to the foreign exchange rate and cryptocurrency price, the firm earned $4.73 million in July as mining revenue, and in June, the revenue was around $4.35 million.
Pandemics hit the world, and more than 70 percent of countries face financial crises still. Some countries like Srilanka and Zimbabwe are struggling to improve their economy. Although many companies faced a lack of funds and some even filed bankruptcy in the last few months, Argo Blockchain, a crypto mining company, is struggling in the field and trying to pay its debts.
Source: https://www.thecoinrepublic.com/2022/10/05/argo-blockchain-continuously-sells-its-btc-holding-to-pay-debt-to-galaxy-digital/