A PYMNTS Company

PrimeBlock Terminates $1.25B Merger Deal

 |  August 17, 2022

Bitcoin miner PrimeBlock has dropped its plan of public listing via merger with blank check company 10X Capital Venture Acquisition (VCXA).

According to a SEC filing, PrimeBlock and VCXA terminated their agreement by mutual consent on August 12. 

The $1.25 billion deal was announced in April and was supposed to be completed by the second half of 2022. No official reason has been given for termination of the deal, although the recent uncertainty in the crypto markets could be a factor.

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