BTC Miner PrimeBlock to go Public Through a $1.25B SPAC Merger (Report)

The US-based cryptocurrency mining and infrastructure startup – Prime Blockchain Inc. (PrimeBlock) – will reportedly become a publicly-traded company. The organization plans to merge with a blank-check firm in a $1.25 billion deal, including debt.

  • According to a recent Reuters coverage, bitcoin mining company – PrimeBlock – will soon start trading as a publicly-traded company on Nasdaq after securing $300 million in equity financing from an affiliate of Cantor Fitzerald & Co.
  • To go public, PrimeBlock will merge with 10X Capital Venture Acquisition Corp II (VCXA.O). The $1.25 billion deal is expected to be completed by the second half of 2022.
  • The head of the combined entity will be PrimeBlock’s Chief Executive Officer – Gaurav Budhrani.
  • The firm’s intentions to enter Nasdaq via a SPAC (special purpose acquisition companies) merger comes at a time when the US SEC unveiled new rules for such endeavors. The watchdog required organizations to provide additional details about their compensation, sponsors, conflicts of interest, etc.
  • PrimeBlock will not be the only bitcoin mining company listed on the online global marketplace.
  • At the end of 2021, TeraWulf – another American-based miner – eyed public listing on Nasdaq through a business merger with the tech company IKONICS Corporation.
  • Some of the giants in the field, like Marathon Digital and Riot Blockchain, have already listed their shares for public trading.
  • The former trades under the ticker symbol “MARA,” and the price for a single stock hovers around $28 (at current price levels). Riot Blockchain (“RIOT”) trades at approximately $20.

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