Argo Blockchain has fully repaid its $35 million loan from Galaxy Digital ahead of schedule.
The loan saved the BTC miner from potential bankruptcy at the end of 2022.
The publicly-listed
cryptocurrency mining company from Wall Street (NASDAQ: ARBK) and the City (LSE:
ARB) Argo Blockchain plc announced today (Monday), that it has fully repaid its
$35 million loan from Galaxy Digital Holdings. This clears the debt four months
ahead of the current schedule and nearly 18 months before the original
repayment deadline.
Argo Blockchain Clears $35
Million Galaxy Loan Ahead of Schedule
The crypto
mining firm began repaying the loan in May 2023, with the balance reduced to
approximately $5.7 million as of June 30, 2024. Argo repaid $11.5 million in
principal during 2023, with the remaining $23.5 million settled in 2024.
Thomas Chippas, Argo. Source: LinkedIn
“Successfully
repaying $35 million of high-interest rate debt ahead of schedule is a
testament to Argo's financial discipline,” Argo's Chief Executive Officer,
Thomas Chippas, commented.
“We remain committed to optimizing our capital structure and driving long-term
value for our shareholders.”
The
loan dates back to late 2022 when Mike Novogratz's Galaxy saved a
cryptocurrency miner from bankruptcy during a period when digital assets’
prices were low and mining companies were struggling to achieve profitability.
As part of a strategic deal, Argo sold its Texas-based cryptocurrency mine,
Helios, for $65 million and benefited from refinancing loans.
The latest
news on debt reduction was
from March when the company cut its debt by 60% as part of a new deal
worth over $6 million. Now, Argo has managed to fully repay the remaining
obligations.
The early
repayment strategy aligns with Argo's focus on strengthening its balance sheet
and reducing financial liabilities. The company utilized a combination of
operational cash flow, proceeds from equity raises, and sales of non-core
assets to facilitate the repayment without significantly impacting its hash
rate.
This move
is expected to yield visible savings in interest expenses. In 2023, Argo
incurred $4.6 million in interest on the Galaxy debt, compared to $1.4 million
through the repayment date of August 9, 2024.
Reduced Losses but Lower
Production
In the
first quarter of 2024, Argo Blockchain reported notable financial improvements.
The company's revenue rose to $16.8 million, marking a 4% increase from the
previous quarter and a substantial 50% growth from the same period last year.
Additionally, Argo significantly reduced its net loss to $3.2 million,
achieving a threefold decrease. The mining margin also increased from $5.2
million to $6.4 million, resulting in a gross profit of $1.9 million, a
recovery from a loss reported in the first quarter of 2023.
Despite
these financial gains, the company's latest production results reveal a
downturn. In its recent monthly report for July, Argo mined only 48 Bitcoins, a
decline of over 60% compared to last year's production, albeit a slight
improvement from recent months.
In a
separate development towards the end of the last month, Argo announced a
private placement agreement with an institutional investor, involving the
issuance of 57,800,000 ordinary shares at £0.1125 each on the LSE. This
agreement also includes warrants for an additional 57,800,000 shares at the
same price, bolstering the company's financial position amidst fluctuating
production outcomes.
The publicly-listed
cryptocurrency mining company from Wall Street (NASDAQ: ARBK) and the City (LSE:
ARB) Argo Blockchain plc announced today (Monday), that it has fully repaid its
$35 million loan from Galaxy Digital Holdings. This clears the debt four months
ahead of the current schedule and nearly 18 months before the original
repayment deadline.
Argo Blockchain Clears $35
Million Galaxy Loan Ahead of Schedule
The crypto
mining firm began repaying the loan in May 2023, with the balance reduced to
approximately $5.7 million as of June 30, 2024. Argo repaid $11.5 million in
principal during 2023, with the remaining $23.5 million settled in 2024.
Thomas Chippas, Argo. Source: LinkedIn
“Successfully
repaying $35 million of high-interest rate debt ahead of schedule is a
testament to Argo's financial discipline,” Argo's Chief Executive Officer,
Thomas Chippas, commented.
“We remain committed to optimizing our capital structure and driving long-term
value for our shareholders.”
The
loan dates back to late 2022 when Mike Novogratz's Galaxy saved a
cryptocurrency miner from bankruptcy during a period when digital assets’
prices were low and mining companies were struggling to achieve profitability.
As part of a strategic deal, Argo sold its Texas-based cryptocurrency mine,
Helios, for $65 million and benefited from refinancing loans.
The latest
news on debt reduction was
from March when the company cut its debt by 60% as part of a new deal
worth over $6 million. Now, Argo has managed to fully repay the remaining
obligations.
The early
repayment strategy aligns with Argo's focus on strengthening its balance sheet
and reducing financial liabilities. The company utilized a combination of
operational cash flow, proceeds from equity raises, and sales of non-core
assets to facilitate the repayment without significantly impacting its hash
rate.
This move
is expected to yield visible savings in interest expenses. In 2023, Argo
incurred $4.6 million in interest on the Galaxy debt, compared to $1.4 million
through the repayment date of August 9, 2024.
Reduced Losses but Lower
Production
In the
first quarter of 2024, Argo Blockchain reported notable financial improvements.
The company's revenue rose to $16.8 million, marking a 4% increase from the
previous quarter and a substantial 50% growth from the same period last year.
Additionally, Argo significantly reduced its net loss to $3.2 million,
achieving a threefold decrease. The mining margin also increased from $5.2
million to $6.4 million, resulting in a gross profit of $1.9 million, a
recovery from a loss reported in the first quarter of 2023.
Despite
these financial gains, the company's latest production results reveal a
downturn. In its recent monthly report for July, Argo mined only 48 Bitcoins, a
decline of over 60% compared to last year's production, albeit a slight
improvement from recent months.
In a
separate development towards the end of the last month, Argo announced a
private placement agreement with an institutional investor, involving the
issuance of 57,800,000 ordinary shares at £0.1125 each on the LSE. This
agreement also includes warrants for an additional 57,800,000 shares at the
same price, bolstering the company's financial position amidst fluctuating
production outcomes.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
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🔹The role of marketing, content, and social media in building product awareness
Hannah explains why standout products, strategic branding, and a focus on innovation are key to growing visibility and staying ahead in a competitive brokerage landscape.
🏆 Award Highlight: Most Innovative Broker of the Year 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
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Recorded live at FMLS:25, this executive interview features Hannah Hill, Head of Brand and Sponsorship at AXI, in conversation with Finance Magnates, following AXI’s win for Most Innovative Broker of the Year 2025.
In this wide-ranging discussion, Hannah shares insights on:
🔹What winning the Finance Magnates award means for AXI’s credibility and innovation
🔹How the launch of AXI Select, the capital allocation program, is redefining industry standards
🔹The development and rollout of the AXI trading app across multiple markets
🔹Driving brand evolution alongside technological advancements
🔹Encouraging and recognizing teams behind the scenes
🔹The role of marketing, content, and social media in building product awareness
Hannah explains why standout products, strategic branding, and a focus on innovation are key to growing visibility and staying ahead in a competitive brokerage landscape.
🏆 Award Highlight: Most Innovative Broker of the Year 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #MostInnovativeBroker #TradingTechnology #FinTech #Brokerage #ExecutiveInterview #AXI
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We close with a practical question: how retail investors can actually use AI without falling into common traps.
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We start with Dor’s reaction to the Summit and then move to broker growth and the quick wins brokers often overlook. Dor shares where he sees “blue ocean” growth across Asian markets and how local client behaviour shapes demand.
We also discuss the rollout of AI across investment research. Dor gives real examples of how automation and human judgment meet at Bridgewise — including moments when analysts corrected AI output, and times when AI prevented an error.
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We discuss why he thinks the model grew fast, why it may run into walls, and what he believes is needed for a cleaner, more responsible version of prop trading.
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🔹Why ultra-low latency must be proven with data, not buzzwords
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🏆 Award Highlight: Best Connectivity 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #BestConnectivity #TradingTechnology #UltraLowLatency #FinTech #Brokerage #ExecutiveInterview
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🔹In this wide-ranging discussion, Elina shares insights on:
🔹What winning a Finance Magnates award means for credibility and reputation
🔹How broker demand for stability and reliability is driving rapid growth
🔹The launch of a new trade server enabling flexible front-end integrations
🔹Why ultra-low latency must be proven with data, not buzzwords
🔹Common mistakes brokers make when scaling globally
🔹Educating the industry through a newly launched Dealers Academy
🔹Where AI fits into trading infrastructure and where it doesn’t
Elina explains why resilient back-end infrastructure, deep client partnerships, and disciplined focus are critical for brokers looking to scale sustainably in today’s competitive market.
🏆 Award Highlight: Best Connectivity 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
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We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
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#Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles.
We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
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