In Brief:
- Argo Blockchain filed with SEC for $57.5 million offering of secured notes.
- Argo plans to offer $57.5 million worth of 8.75% senior unsecured notes which are going to mature on Nov. 30, 2026.
- Argo Blockchain will be funding part of the building and equipment of its planned 800-megawatt data center in West Texas.
Through an offering of senior notes, United Kingdom-based crypto mining company Argo Blockchain will be funding part of the building and equipment of its planned 800-megawatt data center in West Texas.
According to a filing with the Securities and Exchange Commission (SEC), Argo plans to offer $57.5 million worth of 8.75% senior unsecured notes which are going to mature on Nov. 30, 2026. The company said it wants to use the proceeds for rigs at its Texas crypto mining facility as well as construction costs.
In a ground-breaking feat, Argo opened the 200 MW crypto mining facility in July, reporting that the site would give the company “access to up to 800 MW of electrical power” for its future operations in case it decides to acquire and develop all available land. The facility could cost Argo anywhere between $1.5 billion and $2 billion, with the land already estimated at $17.5 million.
In June, the company secured two multimillion loans from Galaxy Digital to expand their West Texas data center. CEO Peter Wall has reasoned Texas’ cheap renewable energy for the construction of the data center in the area. Also, the SEC filing stated that Argo expected more than 90% of its power would come from ”reliable, renewable power sources at a cost below $0.02/kWh.”
In October Argo had reportedly mined 167 BTC. Moreover, as of Oct. 31, Argo held 2,128 BTC i.e., roughly $142 million on its balance sheet.
As the worth of Bitcoins are soaring high, holding more of these crypto assets might only prove to be rewarding to investors!
