Argo Blockchain PLC (LSE: ARB / NASDAQ: ARBK) is a publicly listed Bitcoin mining company founded in the United Kingdom in 2018, with operations primarily in the United States (Texas) and Canada (Quebec). Argo is a mid-sized public miner that avoided bankruptcy in late 2022 through an emergency asset sale — selling its Helios mining facility in Texas to Galaxy Digital for $65 million, allowing it to pay down debt and survive the bear market. The company has refocused on lower-cost Canadian hydroelectric-powered mining since the Helios sale.
Background
Argo was founded in the UK and is one of the few Bitcoin mining companies primarily listed on the London Stock Exchange, with a secondary NASDAQ listing. It grew its Texas Helios facility into a major operation during 2021–2022, betting on large-scale power contracts. The collapse of Bitcoin prices in 2022, combined with high energy costs, left Argo unable to service its debts.
Helios Sale to Galaxy Digital
In December 2022, Argo sold its flagship Helios mining facility in Dickens County, Texas to Galaxy Digital for $65 million — a sale-leaseback structure that allowed Argo continuing access to some Helios capacity. This transaction was widely watched as a case study in how overleveraged miners could sell strategic assets to stronger-balance-sheet buyers (Galaxy) to survive the bear market.
Post-Sale Strategy
Following Helios, Argo refocused on its Quebec, Canada operations:
- Mirabel, Quebec — hydroelectric-powered facility operated in partnership with Mecal
- Smaller-scale, lower-cost operation than the Texas model
- Emphasis on sustainable energy positioning
Related Terms
Sources
- Argo Blockchain Website — official corporate site.
- ARBK on NASDAQ — US listing data.
- The Block — Helios Sale — December 2022 asset sale coverage.