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Galaxy Digital CEO Mike Novogratz considers the company's decision to acquire the Helios bitcoin mining enterprise very successful.
In a recent tweet, Novogratz wrote that Galaxy Digital believes in the long-term prospect of bitcoin. He also believes that the cheapest BTC miners will prevail in the future, so the current crypto winter is the ideal time to conclude such transactions.
Bear markets are designed to create. We have long believed in BTC and expect that the cheapest miners will eventually win.
Helios is a transformational acquisition that will expand our mining capabilities and services as we continue to bring a decentralized future closer.
Argo Blockchain, another faltering BTC mining organization, has agreed to sell its facility to Galaxy Digital for $65 million, which will allow it to avoid filing for bankruptcy protection. Novogratz's firm will place Bitmain S19J Pros miners there, although Argo will remain the owner of the equipment.
The mining firm also received a new asset-backed loan from Galaxy Digital in the amount of $35 million, which must be repaid within three years.
Recently, Galaxy Digital, among other things, won a tender for the purchase of GK8, a cryptocurrency storage platform previously owned by the bankrupt Celsius Network.
Despite recent acquisitions, Galaxy Digital has had a tough time over the past few months. In the first quarter of 2022, due to the collapse of the cryptocurrency market, the firm recorded a net cumulative loss of more than $ 110 million.
There were rumors that in November, the financial services company reduced the number of its team by 20%. It is believed that this was influenced by the collapse of FTX, where Galaxy Digital invested more than $ 76 million.
