Argo joined the club of firms that had to sell some of their Bitcoin to pay the bill. The company reportedly sold 637 BTC for over $15 million to reduce its debt to Galaxy Digital.
in 2021. The mining company reported that as of June 30, it had an outstanding balance of $22 million on the loan and holds “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 company’s 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.”-Mining rev was £3.38 m [$4.35 m]
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