Bitcoin Financial Company Parataxis Plans to Go Public via SPAC and Raise $640 Million, Targeting the U.S. and South Korean Markets

Digital Asset Management Company Parataxis Holdings Announces Merger with SilverBox Corp IV

Digital asset management company Parataxis Holdings announced on Wednesday that it will go public through a merger with special purpose acquisition company SilverBox Corp IV (ticker: SBXD), aiming to raise up to $640 million to establish a bitcoin financial company listed on the New York Stock Exchange.

Once the proposed transaction is completed, the merged company will be renamed Parataxis Holdings Inc. and will seek to trade on the NYSE under the ticker “PRTX.” Parataxis stated in a press release:

“The merger is expected to provide Parataxis Holdings with up to approximately $240 million in funding (depending on the redemption rate of SilverBox shareholders), including $31 million in equity capital immediately available for the purchase of bitcoin.”

Parataxis also indicated that the company “has signed a share subscription agreement,” which gives it the right to issue and sell up to $400 million in equity after the transaction is completed. In total, these arrangements “could provide the company with up to $640 million in total funding” to drive and accelerate the execution of its bitcoin financial strategy.

Differentiated Yield Strategy

Parataxis Holdings described itself as a differentiated digital asset platform that combines bitcoin exposure, proprietary growth opportunities, and yield strategies with value-added potential, executed by a professional management team.

In addition to the U.S. market, Parataxis has its sights set on the South Korean market to “gain a first-mover advantage in a highly attractive market.” In June of this year, Parataxis Holdings announced an agreement through Parataxis Korea Fund I LLC and its affiliated entity to invest 25 billion won in South Korean biotech company Bridge Biotherapeutics to obtain a controlling stake, jointly advancing its bitcoin financial strategy in South Korea. Bridge Biotherapeutics is expected to be renamed Parataxis Korea.

Edward Chin, founder and CEO of Parataxis, stated in a release: “Today’s announcement brings us closer to realizing our vision – to create a publicly traded entity that provides differentiated exposure opportunities to bitcoin.”

This move echoes a trend where several companies have emulated the bitcoin financial model pioneered by Michael Saylor’s Strategy company. Data indicates that the total value of bitcoin held by companies adopting this strategy is estimated to be approaching $90 billion.