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

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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