Bitcoin miner PrimeBlock to go public via $1.25 billion SPAC deal

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

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

For its implementation, the parties received equity financing for $300 million 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.

PrimeBlock CEO and former Goldman Sachs CEO Gaurav Budhrani will remain the head of the company.

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

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

According to the site, their combined hash rate is 1 EH/s.

Recall that the negotiations between PrimeBlock and 10X on the proposed merger became known in November 2021.

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