The merger might result in a valuation of the two companies at nearly $1.5 billion after a $150 million fundraising round from 10X Capital Venture.
Prime Blockchain is also known as PrimeBlock and is allegedly preparing for a public offering in the United States using a special-purpose acquisition company (SPAC). In a November 18, 2021 report, Bloomberg said that the Bitcoin mining firm PrimeBlock is in advanced discussions of going public in the United States through a merger that it is targeting with 10X Capital Venture Acquisition Corp II.
Although the terms of the deal are allegedly not yet finalized, that merger may result in a valuation of these two companies at about $1.5 billion after a $150 million fundraising round from the venture capital firm.
A cryptocurrency mining firm based in the US, PrimeBlock rolled out its first operations in North Carolina and Tennessee in September. The company said on November 4 that it had appointed Goldman Sachs veteran Gaurav Budhrani to work as the company’s chief executive officer and former tZERO chief legal executive Alan Konevsky to work as its chief legal officer.
As of November 4, PrimeBlock confirmed that it had held over 10,300 rigs well-equipped for Bitcoin mining, and 2,600 Ether miners. Based on a statement by Bloomberg, the firm currently mines about five bitcoins daily, working at a hash rate of one exahash.
Other cryptocurrency companies have used the SPAC route to go public in the US. In March 2021, Bitfury’s U.S. subsidiary Cipher Mining said that it would be merging with Good Works Acquisition Corp as part of a $2 billion deal to become a publicly-listed firm. Bitcoin miner Core Scientific is also set for a public listing that will happen on Nasdaq after a $4.3 billion merger that happened with Power and Digital Infrastructure Acquisition Corp.