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Bitcoin Miner PrimeBlock In Talks to Merge With 10X SPAC

  • Blank-check firm seeks PIPE of at least $150 million for deal
  • PrimeBlock on pace to hit $100 million in annualized revenue
Green Crypto Miner In Canada To Go Public With Ticker 'SATO'
Photographer: Christinne Muschi/Bloomberg
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Prime Blockchain Inc., a Bitcoin mining and infrastructure firm, is in talks to merge with special purpose acquisition company 10X Capital Venture Acquisition Corp. II, according to people with knowledge of the matter.

The SPAC is seeking to raise at least $150 million through a so-called private investment in public equity, or PIPE, to support the transaction, which is set to take Prime Blockchain public and value the combined entity at roughly $1.5 billion, said some of the people. Terms aren’t finalized and could still change, and it’s possible that talks fall apart.