PrimeBlock to Merge with 10X Capital Venture Acquisition Corp. II

Gurav Budhrani, a former Goldman Sachs executive to lead the merged company.

The deal is estimated to be worth $1.25 billion.

Gurav Budhrani, a former Goldman Sachs executive will be the CEO, the merged company will be listing its stock in the Nasdaq100.

Prime Blockchain Inc. operates data centers and crypto miners throughout the United States. The firm is focusing on North Carolina, Kentucky and Tennessee.

In the last quarter in 2021 PrimeBlock reached $24.4 million in revenue. The company also attained $300 million financing for the merger from CF Principal Investments LLC, an affiliate of Cantor Cantor Fitzgerald & Co.

The Boards of Directors Approved the Merger

The Boards of Directors of both PrimeBlock and 10X Capital have approved the merger , subject to regulatory approval, PrimeBlock‘s stockholders and 10X Capital’s shareholders.

PrimeBlock CEO Gaurav Budhrani said on the deal, We are excited to bring PrimeBlock public with the support of our investors and the experienced team from 10X Capital.

We believe the transaction will provide tremendous momentum for our next phase of growth. In addition, our partnerships with key suppliers are expected to enhance our ability to rapidly scale the business.

“We believe we are well-positioned to leverage our infrastructure and technology to provide PrimeBlocks customers access to the underlying economics of public blockchains.”

Hans Thomas, Chairman and CEO of 10X Capital, remarked on the merger, Gaurav and the leadership team have articulated a clear and compelling vision for PrimeBlock.

They have successfully deployed over 110 megawatts of data center capacity and generated more than $24 million of revenue in the fourth quarter. We are confident they bring the discipline, skills and relevant experience to continue to execute the strategy to achieve growth and value creation for all stakeholders.

“As co-founders of Ankr (Coinbase:ANKR), Ryan and Chandler have a proven track record of innovating and executing at scale in the Crypto / Blockchain space, and Gaurav has the deep technology and capital markets experience to translate this innovation to the public markets.”