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

The two firms terminated their agreement, which would have allowed Prime Blockchain to go public, by mutual consent on Aug. 12

By Jamie Crawley

Aug 16, 2022 at 10:49 a.m. UTC

Updated Aug 16, 2022 at 3:51 p.m. UTC

Bitcoin mining rigs at Kryptovault's facility in Hønefoss, Norway. (Image credit: Eliza Gkritsi/CoinDesk) — Bitcoin mining rigs (Eliza Gkritsi/CoinDesk)

Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Follow @JamieCrawleyCD on Twitter

Bitcoin (BTC) mining company PrimeBlock has 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 U.S. Securities and Exchange Commission 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, but the uncertain conditions in both the crypto and mainstream markets in recent months may have been a factor.
Special-purpose acquisition company 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 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."

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