Bitcoin miner Prime Blockchain is said in talks to merge with SPAC 10x Capital Venture II

Prime Blockchain, a bitcoin miner and infrastructure company, is said in discussions to be taken public through SPAC 10X Capital Venture Acquisition Corp. II (NASDAQ:VCXA). The combined company is said to be valued at $1.5B, according to traders, who cited a Bloomberg report. The SPAC is working to raise $150M through a PIPE deal. Prime Blockchain is expected to compete with several publicly trader bitcoin miners including Riot Blockchain (NASDAQ:RIOT) and Marathon Digital (NASDAQ:MARA) as well as Core Scientific, which is in a deal to go public through SPAC Power & Digital Infrastructure (NASDAQ:XPDI). Earlier this month, Prime Blockchain announce that Gaurav Budhrani, a former Goldman Sachs VP who was spearheading the crypto investment banking coverage, was named CEO of the miner. In August, 10X Capital Venture Acquisition Corp. II prices $200M IPO.