Bitcoin Miner PrimeBlock Plans to Go Public by Merging With 10X Capital: Report

The potential deal would value the combined entity at about $1.5 billion, Bloomberg reported.

By Aoyon Ashraf

Nov 18, 2021 at 3:30 p.m. UTC

Updated Nov 18, 2021 at 4:05 p.m. UTC

(Christinne Muschi/Bloomberg via Getty Images)

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Aoyon Ashraf

Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets

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Bitcoin miner Prime Blockchain (PrimeBlock) is said to be in talks to merge with special purpose acquisition company (SPAC) 10X Capital Venture Acquisition, Bloomberg reported, citing people with knowledge of the matter.

The SPAC is seeking to raise at least $150 million through private investment in public equity (PIPE) for the deal, which is set to take PrimeBlock public and value the combined entity at about $1.5 billion, Bloomberg said citing some of the sources.
Bloomberg noted that the terms of the deal aren’t finalized and could still change, and it’s possible the talks will fall apart.
A PrimeBlock spokesperson declined to comment on the deal when reached by CoinDesk.
On Aug. 13, 10X Capital Venture said it closed its $200 million initial public offering; it trades under the ticker VCXAU.
The shares are up 11% in early trading on Thursday.
On Nov. 4, PrimeBlock said it hired former Goldman Sachs crypto investment banker Gaurav Budhrani as its new CEO.
Recently, bitcoin miner Iris Energy upsized its initial public offering (IPO), valuing the company at $1.5 billion. Meanwhile, Gryphon Digital Mining’s reverse merger with Sphere 3D to become public got delayed by a quarter.

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Aoyon Ashraf

Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets

Follow @@Aoyon_A on Twitter

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Aoyon Ashraf

Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets

Follow @@Aoyon_A on Twitter