Digital Assets: Crypto Mining – PrimeBlock To Merge With SPAC; Riot To Sell $500M Of Stock

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Big ticket transactions in the crypto mining space show the scope of the sector.

Prime Blockchain to merge with SPAC

Crypto mining company Prime Blockchain, which has over 110 megawatts of installed data center capacity across 12 facilities in North America, has been valued at $1.25 billion for its merger with 10X Capital Venture Acquisition Corp. II (Nasdaq: VCXA), announced Friday. 10X Capital Venture is a special purpose acquisition company (SPAC) sponsored by 10X Capital, focused on identifying high growth technology and tech-enabled businesses domestically and abroad. (CoinTelegraph)

Co-founded by Web 3 entrepreneurs Ryan Fang and Chandler Song, Prime is led by CEO Gaurav Budhrani, a former Goldman Sachs investment banking executive who advised on over $300 billion in crypto, technology and natural resources transactions. Prime has in place a $300 million committed equity financing facility from a Cantor Fitzgerald affiliate.

Hans Thomas, Chairman and CEO of 10X Capital, commented: “10X Capital is focused on advancing environmental, social and governance (ESG) best practices and promoting Diversity, Equity, and Inclusion in our portfolio companies. We are very pleased to be working with the diverse and dynamic team at PrimeBlock. They have built strong relationships with key partners, including the Tennessee Valley Authority, one of the largest major utilities in the U.S., with a commitment to net-zero carbon emissions by 2050, and with approximately 60% of its current production from non-carbon emitting sources today.”

Riot Blockchain

Crypto mining company Riot Blockchain (NASDAQ: RIOT) has entered into an sales arrangement with various sales agents to sell, from time to time, upto $500 million of its common stock for various corporate purposes including capital expenditure and working capital expenses.

Riot has in hand plans to expand its fleet of Bitmain bitcoin miners by over 80,000 by Q4 of 2022, boosting its mining power to nearly 7.7 exahash per second, or about 3.8% of the total hash rate of the bitcoin network.

Related Story: Cipher Mining Commits $350M To Large Purchase Order of Mining Rigs

Image Credit: Flickr

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