iHodl.com
Main page News, Mining, Bitcoin, Cryptocurrency
Hot topic
July 7, 2022

Cryptocurrency mining company Argo Blockchain said in its June operational update it had sold 637 BTC (EXANTE: Bitcoin) at an average price of around $24,500.

Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world

The company said in a press release that proceeds from that sale were used to "fund operating expenses and growth capital, as well as to reduce obligations under a BTC-backed loan agreement with Galaxy Digital."

The figure is quite significant given that Argo managed to mine in June alone only 179 BTC. The company reassured that the move is "in line" with its risk management strategy that has been in place since January 2022. Argo said:

"Throughout 2022, the company has been selling a significant portion of monthly Bitcoin production, steadily reducing its exposure to its BTC-backed loan, and strengthening its balance sheet."

Bitcoin Miner Marathon Suspends 75% of Rigs in Montana

As of 30 June 2022, Argo says it held 1,953 BTC, of which 210 were bitcoin equivalents. The Texas-headquartered mining company isn't the only player on the market who sold cryptocurrency under debt pressure.

As iHodl previously reported, Core Scientific also dumped 79% of bitcoin holdings from its balance sheet as the company was seeking options to repay its debts and "complete large purchase orders." The company reportedly sold 7,202 mined coins for a total sum of $167 million in June, with 1,959 BTC left on its balance sheet.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange

Read also:
Strawberry Cake Media Corp. © 2024 Cookie Policy Editorial team Archive

ihodl.com is an illustrated edition about cryptocurrencies and financial markets.
Every day we publish the best materials for everyone interested in economy.