Prime Blockchain, also known as PrimeBlock, is preparing for a public offering in the United States through a Special Purpose Acquisition Company, or SPAC.
In a report Thursday, Bloomberg said Bitcoin (BTC) Mining company PrimeBlock is currently discussing the possibility of going public in the US through a merger with 10X Capital Venture Acquisition Corp II. Although the terms of the deal are reportedly not finalized yet, the merger could result in a valuation of the two companies at approximately $ 1.5 billion following a $ 150 million fundraising round from the equity firm of risk.
PrimeBlock, a crypto mining company based in the United States, launched its first operations in Tennessee and North Carolina in September. The firm announced on November 4 that it had named Goldman Sachs veteran Gaurav Budhrani as the company's CEO and former tZERO chief legal officer, Alan Konevsky, as its CLO.
As of November 4, PrimeBlock reported that it had more than 10,300 rigs equipped for BTC mining, as well as 2,600 Ether (ETH) miners. According to Bloomberg, the company currently mines roughly five BTC per day trading at a hash rate of one exahash.
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Other crypto companies have used the SPAC route to go public in the United States. In March, Bitfury's US subsidiary Cipher Mining said it would be merging with Good Works Acquisition Corp as part of a $ 2 billion deal to become a publicly traded company. Bitcoin miner Core Scientific is also listed to be listed on Nasdaq after a $ 4.3 billion merger with Power and Digital Infrastructure Acquisition Corp.
Cointelegraph reached out to PrimeBlock, but did not receive a response at press time.
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