TechFlow news — Bitcoin mining firm PrimeBlock plans to go public through a merger with special purpose acquisition company 10X Capital Venture Acquisition Corp. II (VCXA), in a deal valuing the combined company at approximately $1.25 billion. The transaction was reportedly valued at around $1.5 billion last year. The SPAC aims to raise at least $150 million in private investment in public equity (PIPE) to fund the deal. On Friday, PrimeBlock announced it has secured a $300 million committed equity financing facility from CF Principal Investments LLC, a subsidiary of Cantor Fitzgerald.
PrimeBlock generated $24.4 million in revenue during the fourth quarter of 2021 and has deployed over 110 megawatts of data center capacity across 12 facilities in North America. Gaurav Budhrani, a former senior investment banker at Goldman Sachs, will serve as CEO of the combined company.
