Bitcoin Miner PrimeBlock Cancels Listing Plans, Terminates $1.25B Merger With 10X Capital

by Aaryamann Shrivastava
7 ways to make with crypto

Bitcoin Miner PrimeBlock Cancels Listing Plans, Terminates $1.25B Merger With 10X Capital

Jamie Crawley is a CoinDesk news reporter based in London.

Bitcoin (BTC) mining company PrimeBlock (Prime Blockchain) 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 Securities and Exchange Commission (SEC) 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. However, uncertain conditions that have set in across both the crypto and mainstream markets in recent months, could have been a factor.
  • 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 in recent months.
  • 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.”
7 ways to make money in crypto

You may also like

Leave a Comment

The latest news about crypto industry at Coingraph. Most recent news about bitcoin, altcoin, blockchain, mining, cryptocurrency prices and more.

 

Email: [email protected]

© 2022 Coingraph.org – All rights reserved.