June 21 (Reuters) - Blockchain-based payments company Roxe Holdings Inc is nearing a deal to go public through a merger with blank check company Goldenstone Acquisition Ltd (GDST.O) at a combined valuation of $3.65 billion, according to people familiar with the matter.
The deal bucks an unfavorable market environment with cryptocurrencies plunging in value and investors largely losing interest in special purpose acquisition companies (SPACs) of this sort partly because of disappointing returns.
None of the Roxe investors plans to sell their stakes, the sources said. Goldenstone raised just $57.5 million in its initial public offering in March this year, a slither of the deal's value.
Roxe investors are also entitled to an earnout for additional shares in the combined company if certain stock price targets are met, according to the sources.
A deal could be announced later on Tuesday, the sources said, requesting anonymity ahead of an official announcement.
Founded in 2019, Roxe...
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