Galaxy Digital CEO Mike Novogratz believes bear markets are ideal opportunities to continue improving. According to his latest tweet, the famous CEO maintains his faith in Bitcoin in the long run.
“Bear markets are for building. We’re long-term believers in BTC and expect the lowest-cost miners to win over time. Helios is a transformative acquisition that will expand our mining capabilities and services as we continue to build for the decentralized future “
Argo Blockchain has announced that it has agreed to sell Dickens County-Texas-based mining facility Helios to Galaxy Digital for $65 million to avoid filing for bankruptcy protection. Galaxy will also refinance Argo’s debt. The transaction is scheduled to be completed by the end of this month.
Novogratz sees the firm’s acquisition of Helios as an important step towards “building for the decentralized future”. According to the billionaire, the latest acquisition will not only expand Galaxy Digital’s mining capacity, but also work as a “hosting hub” for other miners.
The company started mining Bitcoin in 2021 and at that time acquired most of its operations from hosting providers. According to Novogratz, hosting providers have always been open to transferring their miners to Galaxy Digital-owned sites, and Helios allows them to do just that.
Novogratz put forward some simple arguments for success in mining: providing low-cost electricity and buying ASIC machines at cheap prices. According to the CEO, with Helios, the company will be able to gain these advantages. Galaxy Digital CEO Mike Novogratz, a former LUNA investor, said in a previous statement that he regretted this investment and learned a lesson.