Galaxy Digital Holdings Limited (TSX: GLXY), a leading digital asset focused financial services and investment management firm, is set to acquire Helios Facility from cryptocurrency mining HUGE ERGO BLOCKCHAIN (Loan: ARB,
in one announcement On Wednesday, Galaxy disclosed that the acquisition would be for approximately $65 million and would include all Argo-related operations at its Texas-based Helios facility.
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Galaxy has also agreed to extend a $35 million senior-secured loan to Argo, with the loan being collateralized along with Argo’s mining equipment. The two firms have also entered into a hosting deal that allows Argo to keep its mining machines at the facility for two years.
The companies expect the transaction to close on December 28, 2022.
Galaxy will expand its mining operations
Galaxy expects to acquire up to 800 megawatts (MW) of mining capacity from Helios, a transaction that will accelerate Galaxy’s efforts to expand its bitcoin mining operations. Galaxy said in the press release that this will include the company’s proprietary and hosted BTC mining infrastructure.
Commenting on the deal, Chris Ferraro, President and CIO of Galaxy Digital Holdings, said:
“The acquisition of Helios represents a new phase on our two-year journey in bitcoin mining that increases our operational scale and breadth of solutions, creating the largest decentralized digital asset network and equally sustainable value for shareholders. “
Per the announcement, Galaxy will use Helios as its main mining facility and plans to retain the facility’s operations team.
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