State-of-the-Art Facility Will Significantly Expand Galaxy's Mining Capabilities
The transaction will accelerate the expansion of Galaxy's bitcoin mining operations and services, provide access to tax-efficient mining infrastructure and reduce reliance on third-party hosting providers.
Helios is a large-scale bitcoin mining facility located in
"Galaxy is aspiring to be one of the most trusted nodes of the decentralized future," said
Galaxy intends to utilize Helios as its flagship proprietary mining facility and retain the entire operations team. Galaxy will also begin offering hosting services for third-party bitcoin miners at Helios, creating a new revenue stream for the Company. Galaxy and Argo will work together to ensure a smooth transition at Helios, minimizing disruptions to operations. Galaxy has also pledged to support the various community commitments Argo has established since it began building Helios in
In connection with this transaction, Galaxy has agreed to provide Argo with a new senior-secured loan valued at
Helios is the second planned bitcoin mining facility that Galaxy will own and operate. As previously announced, Galaxy broke ground on its first proprietary mining site earlier this year, which is also located in
"Quality infrastructure and access to low-cost energy are the cornerstones of a successful mining operation, making the acquisition of Helios an incredible milestone for the growth of Galaxy's mining business," said
Galaxy and Argo expect the transaction to close on
Galaxy Investment Banking served as exclusive financial advisor to Galaxy on the acquisition of Helios.
About Galaxy
Galaxy (TSX: GLXY) is a digital asset and blockchain leader providing institutions, startups, and qualified individuals access to the crypto economy. Our full suite of financial services is custom-made for a digitally native ecosystem, spanning multiple synergistic business lines: Trading, Asset Management, Investment Banking, Mining, and Ventures.
Galaxy's CEO and Founder
Additional information about Galaxy's businesses and products is available on www.galaxy.com.
Disclaimers
The TSX has neither approved nor disapproved the contents of this press release.
CAUTION ABOUT FORWARD-LOOKING STATEMENTS
The information in this communication may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and "forward-looking information" under Canadian securities laws (collectively, "forward-looking statements"). Our forward-looking statements include, but are not limited to, statements regarding our or our management team's expectations, hopes, beliefs, intentions or strategies regarding the future. Statements that are not historical facts, including statements about the acquisition of the Helios Bitcoin Mining Facility (the "transaction"), and the parties, perspectives and expectations, are forward-looking statements. In addition, any statements that refer to estimates, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "forecast," "intend," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this press release may include, for example, statements about: our expectations regarding the performance of our mining business; additional mining capacity at the Helios facility; the creation of new revenue sources and businesses with the transaction. The forward-looking statements contained in this release are based on our current expectations and beliefs concerning future developments and their potential effects on us taking into account information currently available to us. There can be no assurance that future developments affecting us will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks include, but are not limited to: (1) the outcome of any legal proceedings that may be instituted following the transaction; (2) costs related to the transaction and energy sources; (3) changes in applicable laws or regulations; (4) the possibility that the mining business may be adversely affected by other economic, business, and/or competitive factors or natural disasters; (5) changes or events that impact the cryptocurrency industry, including potential regulation, that are out of our control; (6) the risk that our business will not grow in line with our expectations; (7) the possibility that our addressable market is smaller than we have anticipated and/or that we may not gain share of it; (8) those other risks contained in the Annual Information Form for the year ended
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