Cryptocurrency mining company Argo Blockchain plc (LON:ARB) today announced that it has fully repaid the remaining balance of the original loan extended by Galaxy Digital Holdings, Ltd on 28 December 2022.

Repayments of the $35 million loan began in May 2023. The loan balance as at June 30, 2024 was approximately $5.7 million.

This Galaxy debt was repaid over four months ahead of the current schedule, and nearly 18 months ahead of the original repayment schedule. Principal repaid in 2023 was $11.5 million, and the remaining $23.5 million was repaid in 2024.

For comparison purposes, interest expense on the Galaxy debt in 2023 was $4.6 million, compared to $1.4 million through the repayment date of August 9, 2024.

Argo’s Chief Executive Officer, Thomas Chippas, said:

“Repaying the Galaxy loan is a significant milestone for Argo. Repayment was made possible by using cash flow generated from operations, cash generated from equity raises, and cash generated through the sale of non-core assets without any meaningful impact to Argo’s hash rate. Successfully repaying $35 million of high-interest rate debt ahead of schedule is a testament to Argo’s financial discipline. We remain committed to optimising our capital structure and driving long-term value for our shareholders.”