Shares of crypto-miner Argo Blockchain (NASDAQ:ARBK) are soaring higher today after its subsidiary agreed to sell its Helios facility to Galaxy Digital for $65 million.
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Further, Galaxy will host Argo’s machines at the facility and provide it an asset-backed loan of about $35 million. The proceeds from the transactions are expected to help Argo pare down its existing debts in full.
The strategic move provides much-needed breathing space for Argo whose shares have tanked nearly 96% over the past year.
Analysts currently have a Moderate Sell rating on the stock alongside an average price target of $0.81.This indicates a potential 52.82% upside in the stock.
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