Galaxy Digital has issued a $20 million loan to United Kingdom-based crypto mining company Argo Blockchain for building a data center in West Texas.
In a Tuesday announcement from Argo, the firm said it secured 14 million euros — roughly $19.4 million at the time of publication — in a six-month loan agreement from Galaxy Digital using a portion of its Bitcoin (BTC) holdings as collateral. According to Argo, the proceeds of the loans, along with cash raised from previous funding rounds, would be used to expand its mining operations in Texas and meet current operating costs.