Bitcoin Miner PrimeBlock Cancels Listing Plans, Terminates $1.25B Merger With 10X Capital
The two firms terminated their agreement, which would have allowed Prime Blockchain to go public, by mutual consent on Aug. 12
Bitcoin (BTC) mining company PrimeBlock has ended its plans to go public via a merger with blank check company 10X Capital Venture Acquisition (VCXA).
- The two firms terminated their agreement by mutual consent on Aug. 12, according to a U.S. Securities and Exchange Commission filing.
- Plans for the listing were confirmed in April with expectations that the merger would be completed in the second half of 2022 carrying an enterprise value of $1.25 billion.
- No official reason has been given for the decision, but the uncertain conditions in both the crypto and mainstream markets in recent months may have been a factor.
- Special-purpose acquisition company deals have been a prevalent means for crypto companies to access public stock markets in recent years, but their attraction has cooled following the downturn in digital asset markets.
- In July, trading platform eToro's planned public listing via a $10.4 billion merger with FinTech Acquisition Corp. V was terminated with Fintech Chairman Betsy Cohen saying it had become "impracticable."
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.