Argo Blockchain subsidiary borrows $26.66M from NYDIG to finance crypto equipment

Argo Blockchain (NASDAQ:ARBK) subsidiary Argo Helios on Thursday entered into an equipment financing agreement with NYDIG ABL, a wholly owned subsidiary of bitcoin (BTC-USD) finance company New York Digital Investment Group. NYDIG has loaned Argo Helios an aggregate principal amount of $26.6M to recapitalize the purchase of electrical infrastructure equipment for the company's flagship crypto mining facility, Helios, in Dickens County, Texas. The loan bears interest of 8.25% per annum and has a term of four years. Argo expects to be able to energize the 200 megawatt Helios facility, and is on track for completion in the first half of 2022. Meanwhile, shares of Argo (ARBK -5.3%) slide intraday as bitcoin dips back below $40K per token, recently changing hands at $38.9K. Previously, (March 7) Argo Blockchain mined 135 bitcoins in February.