Galaxy Digital Pays $100 Million for Argo, a Helios Bitcoin Mining Facility while Facing Potential Bankruptcy

With a recent $100 million acquisition, Galaxy Digital just bought the Helios Bitcoin Mining Facility, famed for the Argo blockchain. This is a win-win situation for both businesses because the Bitcoin mining operation is in danger of going out of business and the acquisition will help it survive its decline in the market. The cryptocurrency market is currently experiencing a severe downturn, which has a significant impact on a variety of businesses, currencies, and investors. Galaxy Digital announced that it had successfully acquired the Helios Bitcoin Mining Facility from the Argo Blockchain for $65 million. It is only a small portion of the company's agreements, one that concentrates on potential joint ventures between the two, centred on the spread of cryptocurrencies. In this contract, Argo also provided Galaxy Digital with a two-year hosting agreement that focused on its mining equipment in Dickens, Texas. Argo is still permitted to use this building for its business, nevertheless. With the several deal includes from Argo, this deal additionally aids Galaxy Digital in expanding its mining activities and cryptocurrency-related business endeavours. Sam Bankman-Fried, the founder of FTX, borrowed $546 million from Alameda to buy shares of Robinhood, according to court documents. Also Read: New York Limits Crypto Mining Due to Environmental Issues Argo had a $41 million loan on its name for several months before to this Galaxy Digital purchase, which helped them. Argo will get up to $35 million in loans from Galaxy to help them out even further, one of which helped them stay out of bankruptcy. [caption id="" align="aligncenter" width="1200"] Image credit- CoinStats[/caption] Argo claims that this additional funding will assist the business strategically recover from its current situation, strengthen its liquidity position, and strengthen its balance sheets. However, the numerous dropping data in the cryptocurrency market are a significant indicator of its current course. Although some individuals still believe in digital currencies and are optimistic about their increase in the future. Businesses like FTX, which took out loans from affiliates and other investors, have demonstrated that they are headed for bankruptcy. In order to avoid failure and maintain operations, another business by the name of Genesis Global obtained financing from sister companies. Band-aid remedies can temporarily alleviate industrial problems, but they are not long-term fixes. The goal of US regulators' current attention on crypto rules is to prevent a similar outcome for other trading platforms like Sam Bankman-FTX. Fried's