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.

See related article: Bullish delays $9B SPAC merger, awaits SEC approval

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