According to a report by the media outlet CoinDesk, which cited two people familiar with the matter as sources, the Chief Executive Officer of the cryptocurrency miner PrimeBlock, Gaurav Budhrani, has resigned from his position after the company decided to cancel a merger with 10X Capital Venture Acquisition Corp. II (VCXA) that would have made it a public company.
According to a filing with the SEC, the two companies conceived of the listing idea in April and established a timeframe to complete the transaction within the latter part of this year. The SPAC firm did not provide any details on the decision to abandon the merger strategy.
The news of Budhrani’s resignation came just after PrimeBlock’s special purpose acquisition company (SPAC) transaction, which was worth 1.25 billion dollars, was called off. It was anticipated that the firm would be listed on Nasdaq.
According to his LinkedIn page, Gaurav Budhrani, who served as CEO of PrimeBlock until recently, worked there for around one year. He had most recently held the position of vice president at Goldman Sachs (GS), where he helped oversee crypto investment banking, prior to joining the company. He had worked there for more than a decade.
Cryptocurrency firms have increasingly turned to transactions using special-purpose acquisition companies as a method of entering the public stock markets in recent years, but this strategy has lost some of its lusters in light of the recent decline in digital asset prices.
As a result of recent market downturns, a number of cryptocurrency SPAC acquisitions have been postponed or scrapped altogether during the previous several months. eToro, a platform for trading stocks as well as cryptocurrencies, called off its SPAC acquisition a little more than a month ago.