Stronghold Digital settles its debts
A press release from Stronghold Digital reports that it closed the final tranche to NYDIG. The tranche acted as collateral in the financing agreement.
The transaction resulted in $2.1 million in debt forgiveness. In all, since late summer, Stronghold has returned 26,200 miners to pay off $67.4 million in debt.
The company has become one of many trying to maintain a positive balance sheet in the difficult market conditions that are currently underway. Stronghold also restructured its obligations to WhiteHawk Finance, which added $21 million to the account.
Stronghold Digital now has $30 million in liquidity, according to CEO Greg Beard:
"We are following the strategy we talked about in August and are looking to increase liquidity levels. Also, the company continues to purchase mining equipment, trying to take advantage of the drop in its value in the distressed market.