PrimeBlock, a Bitcoin miner, has stated its plans to go public through a merger with 10X Capital Venture Acquisition Corp. II (VCXA), a special purpose acquisition company (SPAC), for an estimated enterprise value of $1.25 billion.
According to a Bloomberg article from last year, the sale was valued at roughly $1.5 billion. Various sources say the SPAC was looking to raise at least $150 million for the transaction via private investment in public equity (PIPE).
PrimeBlock said on Friday that it has received a $300 million committed equity financing arrangement from CF Principal Investments LLC, a Cantor Fitzgerald subsidiary. The company made $24.4 million in sales in the fourth quarter of 2021 and has more than 110 megawatts of deployed data centre capacity across its 12 North American sites.
Gaurav Budhrani, a former Goldman Sachs investment banking veteran, will lead the merged business.
The miner said that it presently obtains around 60% of its electricity from non-carbon-emitting sources and intends to offset the remaining. According to the Bitcoin Mining Council, the power source is barely over the 58.5 percent sustainable energy mix that miners worldwide are already using.
The merger is planned to be completed in the second half of 2022, with the consolidated business trading on the Nasdaq.
){kind=link}