This Bitcoin Mining Startup Looks To Go Public Via SPAC Merger Worth $1.3B
- Bitcoin mining and infrastructure startup Prime Blockchain Inc agreed to go public in the U.S. via a special purpose acquisition company (SPAC) merger with 10X Capital Venture Acquisition Corp II (NASDAQ: VCXA).
- The deal is worth $1.25 billion, including debt.
- Prime Blockchain operated data centers and crypto mining operations across North America.
- Former Goldman Sachs Group Inc (NYSE: GS) investment banking veteran Gaurav Budhrani will be CEO of the combined company that will likely get listed on the Nasdaq by the second half of 2022.
- Prime Blockchain secured $300 million in equity financing for the deal from an affiliate of Cantor Fitzgerald & Co.
- Price Action: VCXA shares traded higher by 0.51% at $9.88 on the last check Friday.
- Photo by andre-francois-mckenzie via Unsplash
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Posted-In: Briefs SPACs SPACs AttackCryptocurrency News IPOs Markets Tech
