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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