{"id":65900,"date":"2022-08-16T17:46:03","date_gmt":"2022-08-16T14:46:03","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=65900"},"modified":"2025-09-06T22:30:42","modified_gmt":"2025-09-06T19:30:42","slug":"primeblock-and-spac-10x-capital-terminate-1-25-billion-merger-agreement","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/primeblock-and-spac-10x-capital-terminate-1-25-billion-merger-agreement\/","title":{"rendered":"PrimeBlock and SPAC 10X Capital terminate $1.25 billion merger agreement"},"content":{"rendered":"<p>Bitcoin miner Prime Blockchain (PrimeBlock) and <span data-descr=\"special-purpose acquisition company for mergers and acquisitions\" class=\"old_tooltip\">SPAC<\/span>-company 10X Capital Venture Acquisition Corp II terminated the merger agreement valued at $1.25 billion, according to <a href=\"https:\/\/www.sec.gov\/ix?doc=\/Archives\/edgar\/data\/0001848898\/000119312522220228\/d545760d8k.htm\">a report<\/a> filed with the <span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span>.<\/p>\n<p>PrimeBlock did not provide a reason for the termination.<\/p>\n<p>News of talks between the mining firm and 10X Capital about acquiring the latter to take it public <a href=\"https:\/\/u1f987.com\/en\/news\/bloomberg-bitcoin-miner-primeblock-to-go-public-on-nasdaq-via-spac-deal\">became known in November 2021<\/a>.<\/p>\n<p>On April 1, 2022, the parties <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-miner-primeblock-to-go-public-on-nasdaq-via-a-1-25-billion-spac-merger\">announced that they had reached an agreement<\/a>. It was expected that after the merger, 10X Capital would be renamed Prime Blockchain, and the combined company valued at $1.25 billion would continue to trade on Nasdaq.<\/p>\n<p>Reuters noted that the termination of the merger underscores waning enthusiasm for SPAC acquisitions. Recently, this had been a popular way for startups to go public, avoiding a traditional IPO.<\/p>\n<p>According to SPACInsider, 74 SPAC deals were completed in the United States in 2022, down from 613 the previous year. The average size of SPAC offerings also declined from $265 million to $168 million.<\/p>\n<p>Against the backdrop of the crypto market downturn, the shares of public mining companies tumbled. For example, Marathon Digital Holdings&#8217; stock has fallen from $33 to $16.50 as of writing. Core Scientific&#8217;s shares fell from $11 to $3.<\/p>\n<p>In June, most public mining companies <a href=\"https:\/\/u1f987.com\/en\/news\/public-miners-liquidated-a-quarter-of-their-bitcoin-reserves-in-june\">began unloading<\/a> their bitcoin holdings, liquidating 14,600 BTC.<\/p>\n<p>In July, the trend continued: miners <a href=\"https:\/\/u1f987.com\/en\/news\/in-july-public-miners-continued-to-liquidate-bitcoin-reserves\">sold 5,767.9 BTC<\/a> with a total mined of 3,478 BTC.<\/p>\n<p>Read ForkLog&#8217;s bitcoin news on our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin miner Prime Blockchain (PrimeBlock) and SPAC company 10X Capital Venture Acquisition Corp II terminated the merger agreement valued at $1.25 billion, according to a report filed with the SEC.<\/p>\n","protected":false},"author":1,"featured_media":26216,"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":[1137,1235],"class_list":["post-65900","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-mining","tag-mergers-and-acquisitions"],"aioseo_notices":[],"amp_enabled":true,"views":"14","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/65900","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=65900"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/65900\/revisions"}],"predecessor-version":[{"id":65901,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/65900\/revisions\/65901"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/26216"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=65900"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=65900"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=65900"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}