PrimeBlock seeks Nasdaq-listing via $1.25B SPAC merger

With plans to go public in the United States, Bitcoin mining firm PrimeBlock has announced a merger with 10X Capital Venture Acquisition Corp. II (VCXA), a blank-check firm, that would take the total enterprise value to $1.25 billion.

Through this merger, the company will list on the Nasdaq stock market, with Goldman Sachs investment banking veteran Gaurav Budhrani as its CEO. The merger is expected to finalize in the second half of 2022.

In addition, an affiliate of Cantor Fitzgerald & Co. has committed $300 million in equity financing to the deal, the press release revealed Friday. PrimeBlock and 10X Capital Venture Acquisition were previously looking to raise a minimum of $150 million through private investment in public equity (PIPE), Bloomberg reported in November last year, citing sources familiar with the matter.

“We are excited to bring PrimeBlock public with the support of our investors and the experienced team from 10X Capital,” Budhrani said in the announcement. “We believe the transaction will provide tremendous momentum for our next phase of growth. In addition, our partnerships with key suppliers are expected to enhance our ability to rapidly scale the business.”

For the fourth quarter of 2021, the Bitcoin miner generated $24.4 million of revenue and deployed over 110 megawatts of data center capacity.

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