The primary blockchain, also known as PrimeBlock, is reportedly preparing for a public offering in the United States by a purpose acquisition company (SPAC).
In a report on Thursday, Bloomberg said bitcoin (BTC) mining company PrimeBlock is currently discussing an IPO in the US through a merger with 10X Money Enterprise Acquisition Corp II. While the terms of the transaction are not expected to be finalized, the merger could result in a valuation of the two companies at approximately $ 1.5 billion following a $ 150 million round of financing for the company.
PrimeBlock, a US-based cryptocurrency mining company, began operations in Tennessee and North Carolina in September, and announced on November 4 that it would appoint former Goldman Sachs warrior Gaurav Budhrani as CEO of the company former Chief Legal Officer of tZERO. Alan Konevsky as the company’s CLO.
On November 4, PrimeBlock reported that it owns more than 10,300 oil rigs equipped to mine BTC and 2,600 Ether (ETH) miners. According to Bloomberg, the company is currently mining around 5 BTC every day at a hash rate of one exahash.
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Other crypto companies have used the SPAC route to go public in the US. In March, Bitfury’s U.S. subsidiary Cipher Mining announced it would merge with Fantastic Will Work Acquisition Corp in a $ 2 billion deal to become a publicly traded company. Bitcoin mining company Main Scientific is after a $ 4.3 billion merger with Ability and Electronic Infrastructure Acquisition Corp. also listed on the Nasdaq.
Cointelegraph reached out to PrimeBlock but received no response at the time of publication.