Prime Blockchain Inc., a provider of blockchain infrastructure and crypto mining operations in North America, and 10X Capital Venture Acquisition Corp. II, a SPAC, announced a definitive Business Combination Agreement. The deal values the combined entity at an estimated CAD 1.57 billion ($1.25 billion), and the merged company is expected to be listed on NASDAQ. Gaurav Budhrani, a former Goldman Sachs investment banking expert, will lead as CEO. The transaction also involves a CAD412 million ($300 million) equity financing facility from CF Principal Investments LLC, affiliated with Cantor Fitzgerald & Co. PrimeBlock, co-founded by Web 3 entrepreneurs Chandler Song and Ryan Fang, boasts extensive experience in cryptocurrency, sustainable company growth, capital markets, and technology. With Gaurav Budhrani at the helm, the company reported CAD33.5 million ($24.4 million) in Q4 2021 revenues and has over 110 megawatts of installed data center capacity. PrimeBlock is committed to ethical operations, aiming for sustainability and local economic development, sourcing 60% of its power from non-carbon emitting sources. The merger, unanimously approved by both boards, is set to close in the second half of 2022, pending regulatory and shareholder approvals. Cantor Fitzgerald & Co. acts as the capital markets advisor, and legal advisors include King & Spalding LLP, Latham & Watkins LLP, White & Case LLP, Reed Smith LLP, and DLA Piper LLP for various parties involved.