Bloomberg: Bitcoin miner PrimeBlock to go public on Nasdaq via SPAC deal

Prime Blockchain (PrimeBlock), a Bitcoin mining and infrastructure company, is in talks to merge with SPAC SPAC-company 10X Capital Venture Acquisition Corp. II. Bloomberg reports, citing sources familiar with the matter.

According to them, to complete the deal that would take PrimeBlock public, 10X intends to raise $150 million through private investments in public equity (PIPE).

The combined company would be valued at about $1.5 billion. However, the terms are not final — everything could still change, up to the possibility that the merger could be called off, the sources note.

The leading crypto business under the PrimeBlock brand says it operates mining facilities in North Carolina, Tennessee and Pennsylvania, as well as in Canada.

According to the report, PrimeBlock has a hashrate of around 1 EH/s and mines roughly 5 BTC per day.

On November 4, the company объявила, that it hired former Goldman Sachs managing director Gaurav Budhrani as CEO. The firm’s chief legal officer became Alan Konevski, who previously held a similar role at tZERO.

On August 13, 10X провела IPO on Nasdaq, issuing 20 million shares at $10. At the time of writing, the ticker VXCAU on premarket was trading at about $10.92 — roughly 7% above the previous session’s close.

Earlier, a Nasdaq listing via SPAC merger announced by rival Core Scientific. The deal valued the company at about $4.3 billion.