Bitcoin miner PrimeBlock to go public on Nasdaq via a $1.25 billion SPAC merger

Prime Blockchain (PrimeBlock), a Bitcoin miner and infrastructure provider, has entered into a merger agreement with SPAC SPAC-company 10X Capital Venture Acquisition Corp. II.

According to the press release, the combined company will be valued at $1.25 billion. The deal is expected to close by the second half of 2022.

To fund the transaction, the parties secured $300 million in equity financing from CF Principal Investments LLC, a subsidiary of Cantor Fitzgerald & Co.

As a result of the merger, 10X will be renamed Prime Blockchain Inc, and will continue to trade on the Nasdaq.

The company will be led by PrimeBlock’s CEO, the former Goldman Sachs executive Gaurav Budhrani.

For the fourth quarter of 2021, the mining company posted revenue of $24.4 million.

PrimeBlock operates 12 data centers with installed capacity of more than 110 MW. The facilities are located primarily in North Carolina, Tennessee and Kentucky.

According to the site, their aggregate hash rate stands at 1 EH/s.

Talks between PrimeBlock and 10X regarding the proposed merger became known in November 2021.