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

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

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

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

The parties received $300 million in equity financing 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 it will continue to be traded on the Nasdaq exchange.

PrimeBlock CEO Gaurav Budhrani, a former Goldman Sachs executive, will remain as head of the company.

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

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

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

As a reminder, PrimeBlock and 10X's negotiations for a proposed merger became known in November 2021.

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