Alex Dovbnya
Galaxy Digital CEO Mike Novogratz claims bear markets are for building
Galaxy Digital CEO Mike Novogratz believes bear markets present ideal opportunities to continue building. According to his recent tweet, the cryptocurrency mogul has a long-term belief in Bitcoin.
Earlier today, it was announced that Argo Blockchain had agreed to sell Helios, its Dickens County, Texas-based mining facility, to Galaxy Digital for $65 million to avoid filing for bankruptcy protection. In addition, Galaxy will refinance Argo’s debt. The transaction is expected to close by the end of this month.
Novogratz sees the company’s purchase of Helios as an important step towards “building for the decentralized future”. In addition to expanding Galaxy’s mining capabilities, the acquisition will give them the ability to also act as “hosts” for other miners.
The company began mining bitcoin in 2021, during which time it has outsourced much of its operations to hosting providers. According to Novogratz, they have always been open to porting their miners to Galaxy Digital sites, and Helios allows them to do just that.
Novogratz put forward a simple thesis for success in mining: secure cheap electricity and buy ASIC machines at low prices. By bringing its operations in-house, Helios could capitalize on those advantages.
The purchase is in line with Galaxy’s goal of creating a sprawling cryptocurrency ecosystem, which is now mining via Helios.
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