Argo Blockchain Continues To Sell BTC To Pay Debt To Galaxy Digital

After selling 887 BTC in July, Argo Blockchain slashed its outstanding balance under a BTC-backed loan to just $6.72 million.

Cryptocurrency mining company Argo Blockchain continues to sell its Bitcoin (BTC) holdings to pay off the debt to Michael Novogratz’s crypto investment firm, Galaxy Digital.

Argo said on Friday that it sold an additional 887 BTC in July to decrease liabilities under a BTC-backed credit agreement with Galaxy Digital.

With an average BTC price of $22,670, total sales were $20.1 million, representing a significant portion of the maximum outstanding balance of $50 million in Q2 2022. As of July 31, 2022, Argo has an outstanding balance of only $6.72 million. The latest sale comes shortly after Argo sold another 637 BTC in June 2022 for $15.6 million.

Despite actively selling his Bitcoins over the past few months, Argo still holds a notable amount of Bitcoin. As of July 31, 2022, Argo held 1,295 BTC.

In the latest operational update, Argo Blockchain mentioned that the company significantly increased its mining volume in July. In July, Argo mined 219 BTC or BTC equivalents, compared with 179 BTC in the previous month.

Based on daily exchange rates and cryptocurrency prices for the month, July’s mining revenue came to $4.73 million, while June’s revenue was $4.35 million.

Focusing on cryptocurrency mining, Argo is a public company listed on Nasdaq and the London Stock Exchange. Argo Blockchain is one of many cryptocurrency miners that have chosen to sell self-mining Bitcoin amid the 2022 bear market, including companies like Bitfarms, Core Scientific, and Riot Blockchain.

In contrast, crypto miners like Marathon, Hut 8, and Hive Blockchain Technologies still prefer to stick with the age-old HODL strategy despite the harsh market conditions.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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