Tag: Primeblock

Crypto Mining Firm Primeblock To List via SPAC Merger in $1.25 Billion Deal

by Blockchain News

PrimeBlock, a Bitcoin mining firm based in the U.S., announced last Friday that it plans to go public through a merger with a special purpose acquisition company (SPAC), 10X Capital Venture Acquisition Corp. II (VCXA) company.

Last Friday, 10X Capital and PrimeBlock disclosed that they have secured $300 million in equity financing for the deal from C.F. Principal Investments LLC, an affiliate of Cantor Fitzgerald & Co.

The merger deal is set to give a combined company a valuation of $1.25 billion as well as debt and greater capital on its balance sheet to drive business expansion, sustained growth, and new digital offerings, the PrimeBlock stated.

PrimeBlock will list on the Nasdaq stock exchange by merging with 10X Capital Venture Acquisition Corp. II.

Gaurav Budhrani, PrimeBlock Chief Executive Officer, will be the CEO of the combined company. Budhrani talked about the development and said: “We believe the transaction will provide tremendous momentum for our next phase of growth. In addition, our partnerships with key suppliers are expected to enhance our ability to rapidly scale the business.”

PrimeBlock’s decision to go public occurs at a time when mergers with SPACs or blank-check firms have slowed down because of a regulatory crackdown launched by the U.S. SEC over concerns that investors are getting raw deals.

The SEC recently launched a new draft rule that would require SPACs to disclose more details about their compensation, sponsors, share dilution, and conflicts of interest as part of efforts to curb such firms from giving excessively optimistic earnings projections.

Mining for Growth

In November last year, PrimeBlock hired Gaurav Budhrani, former Goldman Sachs VP spearheading the crypto investment banking coverage, as its CEO. During that time, the mining firm also hired Alan Konevsky, the CEO and Chief Legal Officer at tZERO Group and former Managing Director at Goldman Sachs, as its Chief Legal Officer (CLO).

PrimeBlock made the appointments as part of its commitments to solidify mining operations and infrastructure business in North America.

With its mining operations spread across the U.S. (in North Carolina, Tennessee, Pennsylvania) and Canada, PrimeBlock remains dedicated to growing its mining operations across North America and beyond.

The firm expects to increase investment in captive renewable power, latest-generation mining hardware, modular data centre technology, and latest-generation mining hardware to provide increased infrastructure support for its rising Bitcoin mining activities. 

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Bitcoin Mining Firm PrimeBlock Looks to Go Public Via $1.5B SPAC Merger

by Blockchain News

Prime Blockchain Inc, a Bitcoin mining and infrastructure company, is preparing to go public in the U.S. through a special purpose acquisition company (SPAC). The moves underscore the increasing interest in the Bitcoin space.  

Prime Blockchain, also popularly known as PrimeBlock Bitcoin mining company, is currently in talks to go public in the U.S. through a merger with special purpose acquisition company 10X Capital Venture Acquisition Corp II. 

The SPAC plans to raise more than $150 million through a so-called private investment in public equity or PIPE to support the deal, which is set to take PrimeBlock public and values the combined entity at around $1.5 billion.

The terms of the deal are not yet finalized, which still have a possibility to change, and it is possible that talks could collapse if both parties do not reach a mutual agreement.

The shares of 10X Capital venture rose 11% in early pre-market trading in New York on Thursday, November 18, following the news.

With its Bitcoin mining operations in Canada, Pennsylvania, Tennessee, and North Carolina, PrimeBlock aims to establish itself as “one of the leading carbon-neutral mining and infrastructure companies in North America.”

PrimeBlock is on track to generate annualized revenue of about $100 million. The firm currently mines about 5 BTC per day, operates at a hash rate or mining power of roughly 1 exahash per second (EH/s) and is growing its capacity at 25 megawatts per month.

On November 4, PrimeBlock stated that it hired former Goldman Sachs crypto investment banker Gaurav Budhrani as its new CEO and also hired former tZERO chief legal officer Alan Konevsky to serve as its chief legal officer.

As of November, PrimeBlock announced that it held over 10,300 rigs equipped for Bitcoin mining as well as 2,600 Ether (ETH) miners.

PrimeBlock wants to get to the market quickly and efficiently. After evaluating different paths, the SPAC route is set to allow it to get to the public market the quickest.

The Crypto IPO Race  

PrimeBlock’s bid to go public comes at a time when a series of other cryptocurrency mining companies such as Iris Energy Limited, Stronghold Digital Mining Inc, among others, are pushing ahead with similar plans.

Coinbase, the largest U.S. crypto exchange, successfully listed its shares on the Nasdaq in April after receiving regulatory clearances.

Successful market launches from the likes of Coinbase have helped to bring confidence among investors in digital coins.

Furthermore, the U.S. Securities and Exchange Commission (SEC) decision to approve crypto listings (Bitcoin futures ETFs) has served as a major win to the legitimacy of digital coins.

In May, Cipher Mining Inc stated that it agreed to go public through a merger with blank-check firm Good Works Acquisition Corp in a deal valued at $2 billion.

In July, one of North America’s largest Bitcoin mining firms, Core Scientific, announced plans to go public on the Nasdaq through a merger with a blank-check company backed by Blackrock Inc in a deal that values the crypto miner at $4.3 billion.

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Bitcoin Mining Firm PrimeBlock Looks to Go Public Via $1.5B SPAC Merger

by Blockchain News

Prime Blockchain Inc, a Bitcoin mining and infrastructure company, is preparing to go public in the U.S. through a special purpose acquisition company (SPAC). The moves underscore the increasing interest in the Bitcoin space.  

Prime Blockchain, also popularly known as PrimeBlock Bitcoin mining company, is currently in talks to go public in the U.S. through a merger with special purpose acquisition company 10X Capital Venture Acquisition Corp II. 

The SPAC plans to raise more than $150 million through a so-called private investment in public equity or PIPE to support the deal, which is set to take PrimeBlock public and values the combined entity at around $1.5 billion.

The terms of the deal are not yet finalized, which still have a possibility to change, and it is possible that talks could collapse if both parties do not reach a mutual agreement.

The shares of 10X Capital venture rose 11% in early pre-market trading in New York on Thursday, November 18, following the news.

With its Bitcoin mining operations in Canada, Pennsylvania, Tennessee, and North Carolina, PrimeBlock aims to establish itself as “one of the leading carbon-neutral mining and infrastructure companies in North America.”

PrimeBlock is on track to generate annualized revenue of about $100 million. The firm currently mines about 5 BTC per day, operates at a hash rate or mining power of roughly 1 exahash per second (EH/s) and is growing its capacity at 25 megawatts per month.

On November 4, PrimeBlock stated that it hired former Goldman Sachs crypto investment banker Gaurav Budhrani as its new CEO and also hired former tZERO chief legal officer Alan Konevsky to serve as its chief legal officer.

As of November, PrimeBlock announced that it held over 10,300 rigs equipped for Bitcoin mining as well as 2,600 Ether (ETH) miners.

PrimeBlock wants to get to the market quickly and efficiently. After evaluating different paths, the SPAC route is set to allow it to get to the public market the quickest.

The Crypto IPO Race  

PrimeBlock’s bid to go public comes at a time when a series of other cryptocurrency mining companies such as Iris Energy Limited, Stronghold Digital Mining Inc, among others, are pushing ahead with similar plans.

Coinbase, the largest U.S. crypto exchange, successfully listed its shares on the Nasdaq in April after receiving regulatory clearances.

Successful market launches from the likes of Coinbase have helped to bring confidence among investors in digital coins.

Furthermore, the U.S. Securities and Exchange Commission (SEC) decision to approve crypto listings (Bitcoin futures ETFs) has served as a major win to the legitimacy of digital coins.

In May, Cipher Mining Inc stated that it agreed to go public through a merger with blank-check firm Good Works Acquisition Corp in a deal valued at $2 billion.

In July, one of North America’s largest Bitcoin mining firms, Core Scientific, announced plans to go public on the Nasdaq through a merger with a blank-check company backed by Blackrock Inc in a deal that values the crypto miner at $4.3 billion.

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Crypto miner PrimeBlock reportedly plans to go public through 10X Capital merger

by Cointelegraph

Prime Blockchain, also known as PrimeBlock, is reportedly preparing for a public offering in the United States through a special-purpose acquisition company, or SPAC. 

In a Thursday report, Bloomberg said Bitcoin (BTC) mining firm PrimeBlock is currently discussing going public in the U.S. through a merger with 10X Capital Venture Acquisition Corp II. Though the terms of the deal are reportedly not yet finalized, the merger could result in a valuation of the two firms at roughly $1.5 billion following a $150 million fundraising round from the venture capital firm.

A crypto mining company based in the United States, PrimeBlock rolled out its first operations in Tennessee and North Carolina in September. The firm announced on Nov. 4 it had appointed Goldman Sachs veteran Gaurav Budhrani as the company’s CEO and former tZERO chief legal officer Alan Konevsky as its CLO.

As of Nov. 4, PrimeBlock reported it held more than 10,300 rigs equipped for BTC mining, as well as 2,600 Ether (ETH) miners. According to Bloomberg, the company currently mines roughly five BTC daily operating at a hashrate of one exahash.

Related: These publicly traded firms are pulling institutions into crypto

Other crypto firms have used the SPAC route to go public in the United States. In March, Bitfury’s U.S. subsidiary Cipher Mining said it would be merging with Good Works Acquisition Corp as part of a $2 billion deal to become a publicly listed company. Bitcoin miner Core Scientific is also set for a public listing on Nasdaq following a $4.3 billion merger with Power and Digital Infrastructure Acquisition Corp.

Cointelegraph reached out to PrimeBlock, but did not receive a response at the time of publication.