Bitcoin miner PrimeBlock ditches SPAC listing plan

Bitcoin miner Prime Blockchain Inc., also known as PrimeBlock, has dropped its public listing plan via a blank-check company merger valued at US$1.25 billion, joining a number of crypto firms that have delayed or canceled similar listing plans.

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Fast facts

• PrimeBlock and 10X Capital Venture Acquisition Corp. II, a special purpose acquisition company (SPAC), have agreed to mutually terminate the merger on Aug. 12, according to a filing with the U.S. Securities and Exchange Commission.
• The pair formed the listing plan in April with a timeline to complete the deal in the second half of this year, according to another SEC filing.
• The SPAC company did not specify the reason for ditching the merger plan. PrimeBlock did not immediately respond to Forkast’s request for comment.
• A number of crypto SPAC deals have been delayed or terminated in the past few months amid market downturns. In July, equities and crypto trading platform eToro terminated its SPAC merger.

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