• Argo Blockchain will receive $100 million from Galaxy Digital to avoid bankruptcy.
• Argo Blockchain has reached a $100 million agreement with Galaxy Digital that will aid in its ability to stay out of bankruptcy.
• Following the news of the deal, the share price of the cryptocurrency mining company has increased by more than 102%.

With the help of its most recent agreement with Mike Novogratz's cryptocurrency investment business Galaxy Digital, the London-based crypto mining company Argo Blockchain has turned the tide. The struggling cryptocurrency miner has agreed to a $100 million rescue package that includes asset sales and a credit line.

Helios will be sold by Argo Blockchain for $65 million. CEO of Argo Blockchain Peter Wall announced that the company had completed 'transformational strategic transactions with Galaxy Digital Holdings, Ltd.'

Among them is the sale of Helios, Argo's premier Texas-based mining operation. For £54 million ($65 million), Galaxy Digital will purchase Helios, making the subsidiary its principal mining enterprise.

 Wall has made it clear that after being acquired, Argos would continue to own all mining equipment and will host machines at Helios. Staying at Helios will also enable us to continue using the Texas grid to acquire power and take use of the ancillary services, he continued.

In addition, Argo will get a $35 million loan as part of the agreement to refinance its current asset-backed loans. Argo Blockchain will receive a much-needed boost to its operations as a result of this deal, which will lower its liabilities by $41 million.

According to the official press statement, the transactions 'will strengthen Argo's balance sheet, improve Argo's financial position, and enable the Company to continue operating.' 

The bankruptcy of Argo Blockchain, which was beginning to seem like a very real prospect given its current cash challenges, will be prevented thanks to this agreement.

The CEO of the mining company described it as the 'only visible path forward' as it struggles to survive a brutal bear market that has driven several of its competitors into bankruptcy.

In October of this year, the company requested a capital infusion of up to $27 million. When this approach failed, Argo issued a warning that it would have a cash flow deficit and be forced to shut down. The agreement with Galaxy Digital has driven up the share price of Argo Blockchain. 

According to information from the London Stock Exchange website, the stock has increased by more than 102% since the 23 December market closure. Prior to this disclosure, the company had asked for a 24-hour trading halt in the United States.

Argo's share price growth may appear optimistic in terms of a percentage, but it's vital to remember that year-to-date (YTD) returns have been negative overall, by a margin of -91.8%.