Bitcoin Miner PrimeBlock Plans to Go Public With $1.25B SPAC Merger

Bitcoin miner PrimeBlock confirmed its plan to go public through a merger with 10X Capital Venture Acquisition Corp. II , a special purpose acquisition company , for an estimated enterprise value of $1.25 billion.report

. The SPAC was seeking to raise at least $150 million through private investment in public equity for the deal, the report added. PrimeBlock has secured a $300 million committed equity financing facility from CF Principal Investments LLC, an affiliate of Cantor Fitzgerald, the companyPrimeBlock generated $24.4 million in revenue for the fourth quarter of 2021 and has over 110 megawatts of installed data center capacity across its 12 facilities in North America.The miner said it currently sources about 60% of its power from non-carbon emitting sources and plans to offset the remainder. The power source is just above the 58.

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