Argo Blockchain has successfully obtained an additional loan agreement from Galaxy Digital LP, using the mining entity’s Bitcoin (BTC) as collateral.

Specifically revealed by the London Stock Exchange on August 10th, the freshly surfaced Bitcoin-backed loan will have a total value of 18.05 million pounds (about $25 million).

Initially, Argo has reportedly collaborated with Galaxy Digital for a BTC-backed loan deal in June this year, with a value equivalent to $20 million. 

The Bitcoin mining firm from the UK is reportedly planning to unite the two loans into one, for an overall accumulated fund equals $45 million.

As included within the scope of the agreement, Argo will reportedly take advantage of the fresh capital influx to help with the currently ongoing expansion attempt in Texas. 

In March 2021, the firm reportedly finalized the acquisition of a Texas-based 320-acre land plot, which will be used to build a 200-megawatt Bitcoin mining center.

Via its successful efforts of obtaining the Bitcoin-backed loan, Argo Blockchain will reportedly also have the capability to amp up its available capital while still keeping its Bitcoin holdings intact. 

Should predictions regarding a bullish situation for the market towards the end of 2021 become reality, the firm would reportedly bag a major yield via holding its Bitcoin amount, which ultimately results in a reduction in US dollars having to be paid for every Bitcoin throughout the repayment process.

The firm further shared its delight to prolong its partnership with Galaxy digital as a financing associate.