Bitcoin mining company PrimeBlock has terminated its plans for a public listing via a merger with special purpose acquisition company (SPAC) 10X Capital Venture Acquisition.Read MoreCoinDesk
Bitcoin (BTC) mining company PrimeBlock (Prime Blockchain) 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 Securities and Exchange Commission (SEC) 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. However, uncertain conditions that have set in across both the crypto and mainstream markets in recent months, could have been a factor.
SPAC 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 recent months.
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.”
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Strategy Inc., formerly MicroStrategy, has raised $2.01 billion through an at-the-market equity offering while reporting…
US spot Bitcoin and Ethereum ETFs recorded a combined $492 million in net inflows for…
Bitcoin Magazine UK Banks Still Blocking Bitcoin, Policy Group Tells Parliament Bitcoin Policy UK has…
Analysts say consolidation could strengthen bitcoin’s rally, while thin trading above $80,000 may set up…
Bitcoin Magazine Strive Stock Soars After 1,110 Bitcoin Buy Strive, Inc. bought 1,110 bitcoin last…
Bitcoin traders are turning their attention to Jackson Hole, where Federal Reserve Chair Kevin Warsh…