Crypto miner PrimeBlock reportedly intends to go public thanks to 10X Capital merger

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Prime Blockchain, also known as PrimeBlock, is said to be preparing for a public offering in the United States through a Special Purpose Acquisition Company, or SPAC.

In a report released Thursday, Bloomberg said Bitcoin (BTC) mining company PrimeBlock is currently discussing an IPO in the United States through a merger with 10X Capital Venture Acquisition Corp II. While the terms of the deal are not yet finalized, the merger could result in the two companies valuing around $ 1.5 billion following a $ 150 million fundraiser from the company. capital risk.

U.S.-based crypto mining company PrimeBlock launched its first operations in Tennessee and North Carolina in September. The company announced on November 4 that it had appointed Goldman Sachs veteran Gaurav Budhrani as the company’s CEO and former tZERO legal director Alan Konevsky as legal director.

As of November 4, PrimeBlock announced that it has more than 10,300 platforms equipped for BTC mining, as well as 2,600 Ether (ETH) miners. According to Bloomberg, the company is currently mining around five BTCs per day, operating at a hash rate of an exahash.

Related: These Listed Firms Attract 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 announced it would merge with Good Works Acquisition Corp in a $ 2 billion deal to become a publicly traded company. Bitcoin miner Core Scientific is also expected to be listed on Nasdaq following a $ 4.3 billion merger with Power and Digital Infrastructure Acquisition Corp.

Cointelegraph has contacted PrimeBlock, but has not received a response at the time of posting.

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