Connect with us

Hi, what are you looking for?

Crypto Mining

Crypto mining company PrimeBlock plans to be listed on the Nasdaq by merging with a special purpose acquisition company.

Crypto miner PrimeBlock announced its intention to be listed on the Nasdaq stock exchange by merging with 10X Capital Venture Acquisition Corp. II, a special purpose acquisition company (SPAC) and a subsidiary of 10X Capital.

The combined company will be valued at an estimated $1.25 billion and the goal is for the merger be completed by the second half of 2022, according to the announcement.

As the company plans to go public via the use of a SPAC, the Securities and Exchange Commission is considering new rules for these companies that would heighten disclosure standards, making the process more similar to a traditional initial public offering (IPO).

Companies that have chosen this route include Circle, Coincheck, Apifiny and Bitdeer. 

10X Capital and PrimeBlock also said they have secured a $300 million committed equity financing facility from CF Principal Investments LLC.

In the fourth quarter of 2021, PrimeBlock brought in $24.4 million in revenue, the company said. It currently owns over 110 megawatts of mining capacity across 12 sites, which it uses for both self-mining and hosting.

The CEO of the combined company will be Gaurav Budhrani, a former Goldman Sachs vice president.

“We believe the transaction will provide tremendous momentum for our next phase of growth. In addition, our partnerships with key suppliers are expected to enhance our ability to rapidly scale the business,” Budhrani said.

Featured

Bitcoin Mining

Despite a $72 million rescue offer from creditors, concerns have been raised about the general viability of the Bitcoin trading community amid a protracted...

Altcoin

Ripple is attempting an upside break above the $0.365 resistance zone against the US Dollar. XRP price could fail to gain pace if it...

Bitcoin

Bitcoin price is facing resistance near $17,000. BTC could start another decline unless there is a strong move above the $17,000 resistance zone. Bitcoin...

Ethereum

Ethereum started a fresh decline from the $1,320 resistance against the US Dollar. ETH is struggling and remains at a risk of a move...