The bitcoin mining startup Primeblock has announced plans to go public via a special purpose acquisition company (SPAC) deal. Primeblock will merge with a blank-check firm 10X Capital Venture Acquisition Corp. II, and the company’s shares will be listed on Nasdaq.

Primeblock Reveals SPAC Merger With Plans to Be Listed on Nasdaq in the Second Half of 2022 — SEC Targets SPACs, Shell Companies, and Projections

• Another bitcoin mining firm is going public and will be listed on the Nasdaq stock exchange. Primeblock revealed a SPAC merger with 10X Capital and the merger should be complete by the end of Q2 2022.
• Primeblock will join a number of mining operations that have already gone public. Companies such as Riot Blockchain and Marathon Digital Holdings are listed on Nasdaq.
• The deal with 10X Capital, will bring Primeblock’s overall valuation including debt up to $1.25 billion. The company further explained during the SPAC merger announcement that it had secured $300 million in equity financing from the firm Cantor Fitzgerald & Co.
• Primeblock operates data centers in North America and the website explains it had 1,000 petahash of hashrate. That equates to 0.6% of Bitcoin’s global hashrate today and Primeblock details it has over 70 megawatts of capacity across the company’s mining facilities.
• The mining operation offers hosting services, equipment supply chain resources, logistics, and mining containers. “Primeblock’s fully integrated approach to mining and digital infrastructure is a critical advantage that ensures industry-leading deployment lifecycle from planning to complete setup,” the company’s website explains.
• Following the merger, the company will be led by Primeblock’s chief executive officer Gaurav Budhrani.

• Primeblock follows a slew of crypto firms that have gone public and more specifically firms that have leveraged a special purpose acquisition company deal. Firms like Griid, Apifiny, Circle, Bitdeer, and Coincheck have all utilized SPAC deals.
• However, the U.S. Securities and Exchange Commission recently revealed new draft reforms for SPAC disclosures. SPAC deals could face legal challenges if the proposals are enacted and SPACs will have to disclose a lot more financial information concerning sponsors and blank-check firms.
• “The Securities and Exchange Commission is proposing rules intended to enhance investor protections in initial public offerings by special purpose acquisition companies (SPACs),” the U.S. regulator’s proposed rules document notes.

What do you think about Primeblock’s SPAC deal with 10X Capital? Let us know what you think about this subject in the comments section below.

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The fractional investing company Public announced the acquisition of the digital collectibles and non-fungible token (NFT) technology startup Otis. Public’s co-CEO believes the acquisition will give Public the ability to provide people with the only place in the world “where people can invest in — and build a modern portfolio with — any fractional asset.”

‘Fractionalizing Any Asset’ — Social Investing Firm Public Acquires NFT Startup Otis

On March 9, the investing company Public explained in a blog post that the firm has acquired the NFT auction platform Otis. Bitcoin.com News reported on Otis at the end of 2021, back when Otis revealed it was auctioning six physical assets. The physical items revealed that day included a 1993 Simpsons Matt Groening DeBart card, a mint condition 2003 Topps Chrome Lebron James Rookie card, a Pokémon Yellow Gameboy video game, Nintendo’s Super Mario Bros. 3, and a 1971 Bob Ross painting.

Essentially, Otis takes an item valued at $5K or more, and then mints an NFT that represents the vaulted physical collectible. The owner of the physical item then gets the NFT and it can be traded and fractionalized. Public and its website public.com offers fractional investments as well, as the company provides users with fractional shares of stocks and exchange-traded funds (ETFs). Public has secured capital on several occasions including an initial seed round in 2018, a Series A through C, and the firm’s Series D fundraise in 2021 saw a $1.2 billion capital injection.

“We’re excited to announce the acquisition of Otis, a pioneer in fractional investing in NFTs, art, and collectibles,” Leif Abraham, Public’s co-CEO said in a statement on Wednesday. “With Otis joining Public, the Public platform will soon be the only place in the world where people can invest in — and build a modern portfolio with — any fractional asset. That means NFTs, art, collectibles, real estate, crypto, funds, stocks, and more — all in one place.”

Fractionalized Digital Collectibles See Significant Demand Over the Last year

Fractionalized digital collectibles have become a hot topic in the last 12 months, and there are various projects dedicated to the concept. For instance, the protocol Unicly fractionalizes NFT collectibles via the use of a native token called utoken. At press time, dappradar.com metrics show the current market capitalization for fractionalized NFTs stands at $89.2 million today.

The physically-back NFT platform Courtyard recently partnered with the asset protection firm Brink’s in order to store 1,000 graded Pokémon cards and then mint them into NFTs. A project called Fractional and another one dubbed Daofi offer fractionalized digital collectible products as well. Dappradar.com stats further indicate that the fractionalized Doge NFT (DOG) is the largest project of its kind in terms of market cap.

What do you think about fractional investing company Public acquiring NFT startup Otis? Let us know what you think about this subject in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.