PrimeBlock’s CEO Leaves The Company After Canceled SPAC Deal

According to two persons familiar with the situation, the CEO of crypto miner PrimeBlock, which canceled a merger with 10X Capital Venture Acquisition Corp. II (VCXA) that would have made it a public business, has departed the company.

According to his LinkedIn profile, Gaurav Budhrani, the now-former CEO, was with PrimeBlock for about a year. He had come aboard from Goldman Sachs (GS), where he’d spent more than a decade as a vice president who helped run crypto investment banking.

Both the firm and Budhrani were unavailable for comment. It’s unknown what prompted his leave or where he’s going. However, the action comes after the mining business canceled its merger with 10X Capital Venture Acquisition, a special purpose acquisition company, earlier this month (SPAC). The agreement was announced in April.

PrimeBlock did not explain the merger’s demise. However, the crypto market has been under pressure due to dropping prices, which has caused pain in mining by, among other things, squeezing profitability. Gryphon Digital Mining, another miner, recently canceled its takeover agreement with SPAC, citing market conditions as one of the key reasons.

SPAC deals have recently been a popular way for crypto firms to enter public stock markets, but their appeal has waned following the fall in digital asset markets.

According to a Securities and Exchange Commission filing published on August 12, PrimeBlock’s contract with 10X Capital Venture Acquisition Corp II fell through after both parties agreed to cancel it.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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