{"id":59560,"date":"2022-04-04T10:20:46","date_gmt":"2022-04-04T07:20:46","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=59560"},"modified":"2025-09-04T22:32:53","modified_gmt":"2025-09-04T19:32:53","slug":"bitcoin-miner-primeblock-to-go-public-on-nasdaq-via-a-1-25-billion-spac-merger","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bitcoin-miner-primeblock-to-go-public-on-nasdaq-via-a-1-25-billion-spac-merger\/","title":{"rendered":"Bitcoin miner PrimeBlock to go public on Nasdaq via a $1.25 billion SPAC merger"},"content":{"rendered":"<p>Prime Blockchain (PrimeBlock), a Bitcoin miner and infrastructure provider, has entered into a merger agreement with SPAC <span data-descr=\"special-purpose acquisition company, a specialized vehicle for targeted mergers and acquisitions\" class=\"old_tooltip\">SPAC<\/span>-company 10X Capital Venture Acquisition Corp. II.<\/p>\n<p>According to <a href=\"https:\/\/www.globenewswire.com\/news-release\/2022\/04\/01\/2414730\/0\/en\/PRIMEBLOCK-AN-INFRASTRUCTURE-PROVIDER-FOR-BLOCKCHAIN-TECHNOLOGY-THAT-MINES-CRYPTOCURRENCIES-AND-10X-CAPITAL-VENTURE-ACQUISITION-CORP-II-ANNOUNCE-PLANNED-MERGER.html\">the press release<\/a>, the combined company will be valued at $1.25 billion. The deal is expected to close by the second half of 2022.<\/p>\n<p>To fund the transaction, the parties secured $300 million in equity financing from CF Principal Investments LLC, a subsidiary of Cantor Fitzgerald &#038; Co.<\/p>\n<p>As a result of the merger, 10X will be renamed Prime Blockchain Inc, and will continue to trade on the Nasdaq.<\/p>\n<p>The company will be led by PrimeBlock&#8217;s CEO, the former Goldman Sachs executive Gaurav Budhrani.<\/p>\n<p>For the fourth quarter of 2021, the mining company posted revenue of $24.4 million.<\/p>\n<p>PrimeBlock operates 12 data centers with installed capacity of more than 110 MW. The facilities are located primarily in North Carolina, Tennessee and Kentucky.<\/p>\n<p>According to the site, their aggregate hash rate stands at 1 EH\/s.<\/p>\n<p>Talks between PrimeBlock and 10X regarding the proposed merger <a href=\"https:\/\/u1f987.com\/en\/news\/bloomberg-bitcoin-miner-primeblock-to-go-public-on-nasdaq-via-spac-deal\">became known<\/a> in November 2021.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Prime Blockchain (PrimeBlock), a Bitcoin mining and infrastructure company, has signed a merger agreement with SPAC company 10X Capital Venture Acquisition Corp. II.<\/p>\n","protected":false},"author":1,"featured_media":59561,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1137],"class_list":["post-59560","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-mining"],"aioseo_notices":[],"amp_enabled":true,"views":"13","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/59560","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=59560"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/59560\/revisions"}],"predecessor-version":[{"id":59562,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/59560\/revisions\/59562"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/59561"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=59560"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=59560"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=59560"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}