Banking on Bitcoin
Today we cover $DWAC, $SCVX, $VCXA, and more…
In today’s dish, yet another bitcoin miner looks to scale its operations in the face of increased competition by going public. Also, a French agribusiness is looking to spin off its retail unit through a SPAC deal and trump’s SPAC sinks as downloads for Truth Social decline. Read on to find the latest about all things SPACs.
SPAC Deals Announced
Bitcoin Miner PrimeBlock is Going Public Through a Merger with $VCXA
Bitcoin Mining and Infrastructure Startup PrimeBlock are set to go public through a merger with SPAC 10X Capital Venture Acquisition Corp II, valuing the combined company at $1.25 billion.
The company has also secured $300 million in equity financing for the deal from an affiliate of Cantor Fitzgerald, in addition to the $200 million in the SPACs trust. PrimeBlock has 110 megawatts of installed data center capacity across 12 facilities in North America, with a focus on North Carolina, Tennessee, and Kentucky.
PrimeBlock, which is on pace to generate annualized revenue of roughly $100 million, currently mines about 5 Bitcoin per day, and operates at a hash rate, or mining power, of roughly 1 exahash. PrimeBlock’s competitors include Riot Blockchain, Marathon Digital Holdings, and Core Scientific Holding, which previously agreed to merge with another SPAC.
Rumored SPAC Deals
InVivo Retail in Talks with SPAC 2MX for $750 Million Deal
SPAC 2MX Organic SA is currently in talks with InVivo in a deal that could value the French Agribusiness’s retail unit at $748 million.
The SPAC deal is expected to help the company cement its market position in the gardening and pet nutrition markets in France, while also scaling up its food business to take advantage of the growing demand for locally-sourced products.
InVivo Retail is expected to generate revenues of approximately $276 million in 2022, but the SPAC dealmakers remain bullish about the future growth potential, citing its ties to the country’s biggest agricultural cooperative in France which includes 300,000 farmers.
SPAC News
$DWAC Sinks After Downloads Slump
Shares of SPAC Digital World Acquisition Corp slumped after news emerged that the downloads for the former president’s social media app declined 95% since launching last month.
The stock has lost 31% of its value since shares soared late in February when the Truth Social app launched on the App Store. App Downloads have slowed to 8,000 per day, down significantly from an initial boom of 170,000 downloads.
Daily active users stood at 513,000, which is comparable to sites such as Yubo and Wizz. Truth Social has had a rocky launch, including error messages and long wait times to access the platform.
Reddit Reads
$FSKR Passes 40,000 Reservations for Ocean SUV
Fisker has exceeded 40,000 initial reservations for the Fisker Ocean SUV. Fisker will open pre-order reservations for purchase of the Fisker Ocean One SUV to current reservation holders on July 1, 2022, and will manufacture 5,000 vehicles in November 2022.
$SCVX Terminates Previously Signed LOI
SCVX Corp III has announced that it has terminated its previously announced non-binding LOI with a company in the ESG space. Furthermore, as part of the previous announcement in January, it was revealed that SCVX had already rounded up $75 million in PIPE indications from an institutional investor.
Meme of the Day
SPAC Winter
