Crypto Miner PrimeBlock Seeks Nasdaq Listing In $1.3 Billion Deal

Published by
Crypto Miner PrimeBlock Seeks Nasdaq Listing In $1.3 Billion Deal

U.S. crypto miner PrimeBlock said on Friday it had entered a deal to merge with blank-check firm 10X Capital Venture Acquisition Corp. II. The deal was signed at an enterprise value of $1.25 billion.

PrimeBlock has over 110 megawatts worth of data centers across 12 facilities in North America, and mainly targets Bitcoin and Ethereum mining. The deal will be completed by the second half of 2022, and will see PrimeBlock listed on the Nasdaq exchange, the company said in a press release.

The merged firm will be led by PrimeBlock’s current CEO, former Goldman Sachs VP Gaurav Budhrani.

Speculation over the deal has been ongoing since November. PrimeBlock and 10X also said they had secured $300 million in equity financing from an affiliate of asset manager Cantor Fitzgerald & Co.

Advertisement

PrimeBlock joins a growing list of crypto firms on the Nasdaq

PrimeBlock, which generated $24 million in revenue for Q4 2021, will join a host of crypto firms on the Nasdaq. The technology-heavy exchange has attracted several entrants from the crypto industry, including world no. 2 exchange Coinbase, as well as miners Riot Blockchain and Marathon Digital.

A public listing allows firms to court vast amounts of public capital, enabling them to grow their operations substantially. But listing also places strict reporting requirements on firms, and subjects them to scrutiny from the Securities and Exchange Commission (SEC).

Advertisement

Blank-check firms to face increased scrutiny

Merging with a blank-check firm is a method of publicly listing that has grown in popularity over the past two years, given that it allows smaller firms to bypass the high disclosure requirements for a traditional IPO.

Several crypto firms have also listed through this method, the most recent example being  Japanese crypto exchange Coincheck, which said it will list on the Nasdaq through a $1.25 billion deal.

But this trend may be soon coming to an end. The SEC recently unveiled new rules to increase the amount of disclosures required by blank-check firms, Reuters reported. The move comes as a rising number of blank-check mergers saw their shares crash in a short period of time.

Advertisement

Share
Ambar Warrick

With more than five years of experience covering global financial markets, Ambar intends to leverage this knowledge towards the rapidly expanding world of crypto and DeFi. His interest lies chiefly in finding how geopolitical developments can impact crypto markets, and what that could mean for your bitcoin holdings. When he isn't trawling through the web for the latest breaking news, you can find him playing videogames or watching Seinfeld reruns. You can reach him at ambar@coingape.com

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • Bitcoin News

Robinhood Lists Strategy’s Bitcoin-Backed Stocks, Boosting Saylor’s BTC Credit Model

Bitcoin-backed stocks of Strategy can now be accessed on Robinhood. This represents a significant move…

October 4, 2025
  • Bitcoin News

Bitcoin ETFs See 2025 Record Weekly Inflows of $3.2B as BTC Eyes New ATH

The Bitcoin ETFs have seen a huge turnaround this week, recording their largest weekly inflows…

October 4, 2025
  • 24/7 Cryptocurrency News

Expert Predicts SHIB Rally as Shiba Inu Restores Shibarium After $4M Hack Shutdown

Shiba Inu’s Layer 2 network, Shibarium, has returned online following a $4 million exploit that…

October 4, 2025
  • 24/7 Cryptocurrency News

FLOKI Makes History With First ETP in Europe as Price Surges 30%

FLOKI has announced the launch of the first BNB chain exchange-traded product (ETP) in Europe.…

October 4, 2025
  • 24/7 Cryptocurrency News

BNB Rally to $1,300 Will Continue As Binance Hits Crucial Q3 Milestone, Says Expert

Binance Coin (BNB), the native cryptocurrency of BNB Chain, has surged another 8% today, moving…

October 4, 2025
  • 24/7 Cryptocurrency News

Trump’s Real Estate Moves On-Chain as Hut8 Adds WLFI Tokens to Boost Treasury

Trump’s real estate portfolio is set to go on-chain amid World Liberty Financial’s announcement of…

October 4, 2025