Argo Blockchain Dumps 637 BTC, Selling More Than It Mined

Argo blockchain dumps 637 BTC after already selling $15.6 million and it essentially sold more coins than it minted last month so let’s read more today in our latest Bitcoin news.

Argo Blockchain dumps BTC once again and it is the latest mining company to sell more BTC than it mined in a month. Argo sold 637 BTC in June at a price of $24,500 which brought the total revenue from the trades to $15.6 million. Argo mined 179 BTC which is an increase of 55 from May but the June haul accounts only for about 28% of the BTC that the company sold last month. Argo said that the proceeds from the last month’s sell-off were used to fund operating expenses and growth but to also reduce obligations under the BTC-backed loan agreement with Galaxy Digital.

Argo holds 1935 BTC, 210 of which were BTC equivalents. It has an outstanding balance of $22 million on the Galaxy Digital loan. Data by Arcane Research shows that the BTC miners like Riot Blockchain and Marathon Digital sold more BTC than they mined in May a huge change from the first four months of the year when the miners sold 30% of the earnings. The Arcane Research BTC mining analyst wrote:

 “If they are forced to liquidate a considerable share of these holdings, it could contribute to pushing the Bitcoin price further down.”

The update for investors in Core Scientific said that the NASDAQ-listed company sold 7202 BTC a month ago to an average price of $23,000 leaving it at 1959 BTC while the huge sell-off was to cover the overheads during times of historic inflation.

As recently reported, Argo Helios is a Texas-based subsidiary of the London BTC Miner Argo Blockchain and now it secured a $70.6 million loan from NYDIG to buy more rigs. The new loan follows the announcement of a $26.6 million loan from NYDIG which the company borrowed at an 8.
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25% interest rate and brings the total amount from the investment manager to $97.2 million. According to the SEC filing, the agreement breaks the funding into eight separate loans with a 12% interest rate and a two-year term. The first $19 million is available on April 29 another $24 million by the end of May and $10 million at the end of June and the remaining $17 million by the end of July.