on Argo Blockchain PLC (LON:ARB)
Argo Blockchain PLC Announces Full Repayment of $35 Million Galaxy Loan
Argo Blockchain plc (LSE:ARB)(NASDAQ:ARBK) has fully repaid the $35 million loan from Galaxy Digital Holdings, Ltd. ahead of schedule. The original loan, extended on December 28, 2022, had its balance reduced to approximately $5.7 million as of June 30, 2024.
Early repayments began in May 2023. Argo repaid $11.5 million in 2023, with the remaining $23.5 million settled in 2024. This repayment was completed over four months ahead of the latest schedule and nearly 18 months ahead of the original schedule. This move highlights Argo's commitment to strengthening its balance sheet.
CEO Thomas Chippas commented that the repayment was made possible through cash flow from operations, equity raises, and the sale of non-core assets. The early settlement of the high-interest debt emphasizes Argo's financial discipline.
R. H.
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