RIOT - Bitcoin miner Prime Blockchain agrees to be taken public by SPAC 10X Capital Venture Acquisition Corp. II

Prime Blockchain, a bitcoin miner and infrastructure company,  agree to a deal to be taken public through a combination with SPAC 10X Capital Venture Acquisition II (NASDAQ:VCXA). VCXA  ticked up 0.5%. Upon close of the deal, the combined company is expected to have an enterprise value of $1.25 billion. The companies have secured a $300 million committed equity financing facility from CF Principal Investment LLC, an affiliate of Cantor Fitzgerald, according to a statement. Prime Blockchain is expected to compete with several publicly traded bitcoin miners including Riot Blockchain (RIOT), Marathon Digital (MARA), CleanSpark (CLSK) as well as Core Scientific (CORZ), which also went public through a SPAC deal. PrimeBlock generated $24.4 million in revenue for Q4. The Company has over 110 megawatts of installed data center capacity across 12 facilities in North America, with a focus on North Carolina, Tennessee, and Kentucky, and an ability to deploy its proprietary modular data center design from start to finish in

For further details see:

Bitcoin miner Prime Blockchain agrees to be taken public by SPAC 10X Capital Venture Acquisition Corp. II