PrimeBlock, a Cryptocurrency miner, has announced its intention to go public via a merger with 10X Venture Acquisition Corporation II (VCXA), a special purpose acquisition company (SPAC), for an approximated market cap of $1.25 billion.
According to an article for this year, the sale was valued at roughly $1.5 billion. According to the source, the SPAC was looking to raise at least $150 million for the transaction through private investment in public equity (PIPE).
PrimeBlock said on Friday that it has received a $300 million dedicated equity financing arrangement from CF Principal Investments LLC, a Cantor Fitzgerald affiliate.
PrimeBlock made $24.4 million in sales in the fourth quarter of 2021 and has more than 110 megawatts of deployed data centre infrastructure across its 12 North American sites.
Gaurav Budhrani, a former Goldman Sachs investment banking veteran, will lead the merged business.
The miner stated that it presently obtains around 60% of its energy from non-carbon generating resources and intends to compensate the remaining. According to the Cryptocurrency Mining Council, the power source is barely over the 58.5 percent sustainable energy mix that miners worldwide are already using.
The acquisition is expected to be finalized in the second period of 2022, with the amalgamated company listed on the Nasdaq.