Cryptocurrency mining firm Argo Blockchain continues to sell its Bitcoin (BTC) holdings to cut its debt to Michael Novogratz’s crypto investment firm Galaxy Digital.
Argo sold another 887 Bitcoin in July to reduce obligations under a BTC-backed loan agreement with Galaxy Digital, the firm announced on Friday.
With the average BTC price of $22,670, the sales totaled $20.1 million, accounting for a significant part of the maximum outstanding loan balance of $50 million in Q2 2022. As of July 31, 2022, Argo held an outstanding balance of just $6.72 million under the BTC-backed loan, the announcement notes.
The latest sale comes shortly after Argo sold another 637 BTC in June 2022 for $15.6 million. The firm reported that by the end of June 30, Argo had an outstanding balance of $22 million on the loan.
Despite actively cashing out its Bitcoin over the past few months, Argo still holds a notable stash of Bitcoin.