McDermott Represents Argo Blockchain in Two Strategic Transactions with Galaxy Digital Holdings
International law firm McDermott Will & Emery represented Argo Blockchain plc (LSE: ARB; NASDAQ: ARBK), a global leader in cryptocurrency mining, in two strategic transactions: a subsidiary sale of its Helios facility in Dickens County, Texas to Galaxy Digital Holdings, Ltd. (Galaxy), a digital asset and blockchain leader providing institutions, startups and qualified individuals access to the crypto economy, for $65 million and the refinancing of its asset-backed loans with a new, $35 million asset-backed loan from Galaxy.
These transactions reduced Argo’s indebtedness by $41 million, strengthening its balance sheet and liquidity position. Argo will maintain ownership of all mining machines, and Galaxy will host Argo’s fleet of Bitmain S19J Pros at the Helios facility.
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