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Bitcoin (BTC) mining company PrimeBlock (Prime Blockchain) 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 Securities and Exchange Commission (SEC) 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. However, uncertain conditions that have set in across both the crypto and mainstream markets in recent months, could have been a factor.
- SPAC 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 recent months.
- 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."
