- Galaxy Digital (GLXY) will acquire the Helios Bitcoin mining facility from Argo Blockchain for $65 million
- Galaxy intends to ramp up the Texas-based facility to up to 800 MW of mining capacity
- The acquisition will provide access to quality, tax-efficient mining infrastructure and reduce Galaxy’s reliance on third-party hosting providers
- Galaxy is a digital asset and blockchain leader providing institutions, startups and qualified individuals access to the crypto economy
- Galaxy Digital Holdings (GLXY) is down by 0.28 per cent, trading at $3.54 per share
Galaxy Digital (GLXY) will acquire the Helios Bitcoin mining facility from Argo Blockchain for $65 million.
The acquisition will provide access to quality, tax-efficient mining infrastructure and reduce Galaxy’s reliance on third-party hosting providers.
The Texas-based Helios facility began operations in May 2022 and has the ability to operate up to 180 MW of mining capacity through immersion cooling technology.
Galaxy expects to ramp up the facility to as much as 800 MW of capacity, enabling it to surpass its internal Bitcoin mining infrastructure goals. It also intends to offer hosting services for third-party Bitcoin miners at Helios, creating a new revenue stream.
In connection with the transaction, Galaxy will provide Argo with a senior secured loan valued at $35 million, secured by a collateral package including Argo mining equipment. Argo will also enter into a two-year hosting agreement with Galaxy, securing a place for its mining machines at Helios.
Helios joins Galaxy’s first proprietary mining site in Texas, which it broke ground for earlier this year.
Galaxy and Argo expect the transaction to close on December 28, 2022.
“Galaxy is aspiring to be one of the most trusted nodes of the decentralized future,” said Chris Ferraro, President and CIO at Galaxy. “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 is a digital asset and blockchain leader providing institutions, startups and qualified individuals access to the crypto economy.
Galaxy Digital Holdings (GLXY) is down by 0.28 per cent, trading at $3.54 per share as of 10:02 am ET.