Galaxy Digital Holdings Ltd., a top provider of financial services and investment management with a focus on digital assets, is about to acquire the Helios facility from the world’s largest cryptocurrency miner Argo Blockchain. The acquisition, which includes all Argo-related operations at the Texas-based Helios facility, will cost approximately $65 million.
In addition, Galaxy has agreed to provide Argo with a $35 million senior-secured loan, with the loan being secured by, among other things, Argo’s mining equipment. The two companies signed a hosting agreement that allows Argo to store its mining equipment for two years.
Galaxy Digital Holdings President and CIO Chris Ferraro said: “The acquisition of Helios represents a new stage over our two-year journey in bitcoin mining that increases our operating scale and breadth of solutions, creating sustainable value for the biggest decentralized digital asset network and shareholders alike.”
Galaxy anticipates acquiring up to 800 megawatts (MW) of mining power from Helios. This deal will hasten Galaxy’s own efforts to expand its Bitcoin mining business. This will consist of the business’s personal and hosted Bitcoin mining infrastructure. Galaxy intends to continue using Helios as its primary mining facility and to keep the facility’s management staff on board.