Bitcoin Miner PrimeBlock Plans to Go Public With $1.25B SPAC Merger

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Bitcoin miner PrimeBlock confirmed its plan to go public through a merger with 10X Capital Venture Acquisition Corp. II (VCXA), a special purpose acquisition company (SPAC), for an estimated enterprise value of $1.25 billion.

• Last year, the value of the deal was said to be around $1.5 billion, according to a Bloomberg report. The SPAC was seeking to raise at least $150 million through private investment in public equity (PIPE) for the deal, the report added.

• PrimeBlock has secured a $300 million committed equity financing facility from CF Principal Investments LLC, an affiliate of Cantor Fitzgerald, the company said in a statement on Friday.

• PrimeBlock generated $24.4 million in revenue for the fourth quarter of 2021 and has over 110 megawatts of installed data center capacity across its 12 facilities in North America.

• Former Goldman Sachs investment banking veteran Gaurav Budhrani will be CEO of the combined company.

• The miner said it currently sources about 60% of its power from non-carbon emitting sources and plans to offset the remainder. The power source is just above the 58.5% sustainable energy mix that miners globally are now utilizing, according to the Bitcoin Mining Council’s estimate.

• The merger is expected to be closed in the second half of 2022 and the merged company will trade on the Nasdaq.

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