Bitcoin miner Prime Blockchain has agreed to be taken public in the US as part of a special purpose acquisition company (SPAC) merger valuing the combined entity at $1.25bn.
The company on Friday said it would merge with 10X Capital Venture Acquisition Corp effectively a shell, or blank cheque, firm.
The cryptocurrency specialist trades as PrimeBlock and operates data centres and mining operations across North America. It has secured $300m in equity financing for the deal from an affiliate of Cantor Fitzgerald & Co.
The merger is expected to close by the second half of this year, after which the combined company will be listed on the Nasdaq exchange and led by PrimeBlock chief executive officer Gaurav Budhrani.
