Argo Blockchain Secures $40 Million Financing for Expansion and M&A

Argo Blockchain, a Bitcoin mining company, has secured a $40 million priority secured convertible loan agreement. The initial financing amount is $15 million, with the remaining $25 million to be completed over the next 18 months. Three undisclosed multinational institutions are involved in the investment and will join Argo's board of directors. The funds will be used to expand mining facilities in Baie Comeau, improve the balance sheet, and explore potential mergers and acquisitions.