Argo Blockchain, a cryptocurrency mining company, is continuing to liquidate its Bitcoin (BTC) assets in an effort to reduce its debt to Galaxy Digital, a cryptocurrency investment business owned by Michael Novogratz.
According to an announcement made by the company on August 5, Argo sold another 887 Bitcoin in the month of July to decrease liabilities under a Bitcoin-backed loan arrangement with Galaxy Digital.
The sale amounted to a total of $20.1 million, with an average BTC price of $22,670; this represented a significant portion of the maximum outstanding loan balance of $50 million in the second quarter of 2022. According to the release, as of the 31st of July 2022, Argo had an outstanding amount of just 6.72 million dollars in relation to the BTC-backed loan.
The most recent transaction takes place after Argo completed a sale of another 637 BTC for $15.6 million in June 2022. According to the report made by the company, Argo had an outstanding amount on the loan of $22 million as of the 30th of June.
Argo has been making significant withdrawals of its Bitcoin over the course of the previous three months, but the company still has a sizable amount of the cryptocurrency in its possession. Argo has a total holding value of 1,295 BTC as of the 31st of July, 2022, with 227 of those BTC being represented by BTC equivalents.