Bitcoin miner Prime Blockchain (PrimeBlock) and SPAC10X Capital Venture Acquisition Corp II has terminated its $1.25 billion merger agreement. SEC.

The reason for the cut in deals in PrimeBlock was not specified.

The negotiations of the mining company with 10X Capital on the acquisition of the latter to enter the stock market became known in November 2021.

On April 1, 2022, the parties announced that they had reached an agreement. It was assumed that after the merger, 10X Capital would be renamed Prime Blockchain and with a valuation of $1.25 billion, the combined company would continue to be traded on the Nasdaq.

Reuters noted that the end of the merger highlighted the waning enthusiasm for the SPAC acquisition. Recently, this has been a popular way for startups to go public without going through a traditional IPO.

According to the SPACInsider service, 74 SPAC deals were completed in the US in 2022, compared to 613 last year. Average placed share volume also fell from $265 million to $168 million.

Against the background of the collapse of the cryptocurrency market, shares of publicly traded mining companies collapsed. For example, the price of Marathon Digital Holdings securities has dropped from $33 to $16.5 at the time of writing since the beginning of the year. At Core Scientific, offers have dropped from $11 to $3.

Recall that in June, most public mining companies started selling their bitcoin reserves and liquidated 14,600 BTC.

In July, the trend continued, with miners mining 5767.9 BTC for a total of 3478 BTC.

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