Cryptocurrency mining company Argo Blockchain continues to sell its bitcoin (BTC) holdings to reduce its debt to Michael Novogratz’ crypto investment firm Galaxy Digital.

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In July, Argo sold another 887 bitcoins to reduce obligations under a BTC-backed loan agreement with firm Galaxy Digital. announced on Friday.

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With an average BTC price of $22,670, sales totaled $20.1 million, which is a significant portion of the maximum outstanding loan balance of $50 million in the second quarter of 2022. The loan secured by BTC is noted in the announcement.

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The latest sale took place shortly after Argo sold another 637 BTC in June 2022 for $15.6 million. The firm said that by the end of June 30, Argo had a $22 million loan outstanding.

Despite actively cashing out its bitcoins over the past few months, Argo still holds a significant supply of bitcoins. As of July 31, 2022, Argo held a total of 1,295 BTC, 227 of which are BTC equivalents.

In the latest operating report, Argo also mentioned that the company significantly increased production in July. During July, Argo mined 219 BTC or BTC equivalent, up from 179 BTC in the previous month. Based on daily exchange rates and cryptocurrency prices during the month, July mining revenue was $4.73M and June revenue was $4.35M.

Riot Blockchain Bitcoin Mining Performance Drops 28% Year On Year Due To Record Heat In Texas

Cryptocurrency mining company Argo is a publicly traded company listed on Nasdaq and the London Stock Exchange. Argo is one of many crypto mining companies that have chosen to sell self-mined Bitcoin during the 2022 bear market, including firms such as Bitfarms, Core Scientific and Riot Blockchain.

In contrast, cryptocurrency mining companies such as Marathon, Hut 8 and Hive Blockchain Technologies still choose to stick to the long-standing HODL strategy despite extreme market conditions.