The CEO of crypto miner PrimeBlock, which canceled a merger with 10X Capital Venture Acquisition Corp. II (VCXA) that would’ve made it a public company, has left the firm, according to two people familiar with the move.
Both the company and Budhrani weren’t available to comment on the move.
PrimeBlock didn’t give any reason for the termination of the merger. However, the crypto space as a whole has been under pressure amid falling prices, and that has caused pain in mining, squeezing profits among other things. Another miner, Gryphon Digital Mining, also recently terminated its own takeover deal with a SPAC, citing market conditions as one of the main reasons.
SPAC 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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish, a cryptocurrency exchange, which in turn is owned by Block.one, a firm with interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets including bitcoin and EOS. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.