Bitcoin (BTC) mining company PrimeBlock (Prime Blockchain) ended its plans to go public via a merger with blank check company 10X Capital Venture Acquisition (VCXA).
The two firms terminated their agreement by mutual consent on Aug. 12, according to a Securities and Exchange Commission (SEC) filing.
Plans for the listing were confirmed in April with expectations that the merger would be completed in the second half of 2022 carrying an enterprise value of $1.25 billion.
No official reason has been given for the decision. However, uncertain conditions that have set in across both the crypto and mainstream markets in recent months, could have been a factor.
SPAC deals have been a prevalent means for crypto companies to access public stock markets in recent years, but their attraction has cooled following the downturn in digital asset markets in recent months.
In July, trading platform eToro's planned public listing via a $10.4 billion merger with FinTech Acquisition Corp. V was terminated with Fintech chairman Betsy Cohen saying it had become "impracticable."