Mike Novogratz – the CEO of Galaxy Digital – praised his company’s decision to purchase the bitcoin mining facility – Helios.

The firm recently won the auction to acquire another cryptocurrency entity – the blockchain cybersecurity platform GK8. 

In a recent tweet, Novogratz justified the Helios’ acquisition with the fact that Galaxy Digital is a “long-term” believer in bitcoin. He also thinks lowest-cost BTC miners will prevail in the future, while the current crypto winter is an ideal time to ink such deals.

Argo Blockchain – a distressed BTC mining organization – recently agreed to sell its Helios facility to Galaxy Digital for $65 million and thus avoid filing for bankruptcy protection. Novogratz’s firm will host the mining fleet of Bitmain S19J Pros, while Argo will remain an owner of the machinery. 

The miner also secured a new asset-backed loan worth $35 million from Galaxy Digital that should be repaid in three years. 

(by Dimitar Dzhondzhorov)