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Bitcoin Miner PrimeBlock Cancels Listing Plans, Terminates $1.25B Merger With 10X Capital
The two firms terminated their agreement, which would have allowed Prime Blockchain to go public, by mutual consent on Aug. 12
Updated May 11, 2023, 6:53 p.m. Published Aug 16, 2022, 10:49 a.m.
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Bitcoin 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."
Read more: Crypto SPACs Brace for Cruel Summer With Lower Valuations, SEC Scrutiny
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Kraken continues acquisition streak by buying token management firm Magna ahead of IPO push
The deal adds token lifecycle infrastructure to Kraken’s growing product suite.
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- Payward, Kraken’s parent company, has acquired token operations firm Magna.
- Magna is used by crypto teams to manage token vesting, claims and distributions. It serves 160 clients and had a peak total value locked of $60 billion on its platform last year.
- Kraken has made a string of acquisitions to expand and raised $800 million last year at a $20 billion valuation.
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