PrimeBlock, a bitcoin miner, will go public through a $1.25 billion SPAC merger
Prime Blockchain Inc. is on track to become the next publicly listed bitcoin mining business, with its shares trading on Nasdaq.
Prime Blockchain Inc. (PrimeBlock) – a bitcoin mining and infrastructure firm located in the United States – will purportedly become a publicly listed corporation. The group intends to combine with a company that writes blank checks in a $1.25 billion transaction that includes debt.
According to a recent Reuters report, bitcoin mining business PrimeBlock will soon begin listing on the Nasdaq as a publicly listed corporation after collecting $300 million in equity funding from a Cantor Fitzerald & Co. subsidiary.
PrimeBlock will combine with 10X Capital Venture Acquisition Corp II in order to become public (VCXA.O). The $1.25 billion transactions is scheduled to close in the second half of 2022. PrimeBlock’s Chief Executive Officer – Gaurav Budhrani – will lead the merged firm.
The firm’s proposal to join Nasdaq via a SPAC (special purpose acquisition companies) merger comes as the US Securities and Exchange Commission (SEC) issued new guidelines governing such transactions. The watchdog mandated that groups disclose extra information about their remuneration, sponsors, and any conflicts of interest.
PrimeBlock is not the only bitcoin mining firm that will be listed on the global internet marketplace. TeraWulf, another American-based miner, is eyeing a Nasdaq offering in 2021 via a corporate combination with the technology firm IKONICS Corporation.
Some of the industry’s titans, such as Marathon Digital and Riot Blockchain, have already opened their shares to the public.
The former trades under the ticker code “MARA,” and a single share is now trading at roughly $28. (at current price levels). Riot Blockchain (“RIOT”) is now trading at about $20.