Parataxis Holdings has entered into a definitive merger agreement with SilverBox Corp IV that will result in a public listing on the New York Stock Exchange under the ticker “PRTX.” The transaction values the combined entity at $400 million, with an option to raise an additional $400 million via a share purchase agreement exercisable post-closing. About $31 million of the initial capital raised is earmarked for the acquisition of bitcoin, providing immediate asset exposure to future shareholders.
The newly listed company will pursue an active bitcoin treasury strategy differentiated by a combination of low-volatility trading techniques and yield-generation across decentralized finance platforms. Unlike passive holding firms, Parataxis manages an algorithmic blend of market exposure and collateralized lending, run by a team of treasury veterans whose prior track records include institutional risk management and structured income operations.
In June, Parataxis acquired a controlling stake in Bridge Biotherapeutics, a healthcare company listed on South Korea’s KOSDAQ, which will be rebranded as Parataxis Korea. That acquisition provides a strategic foothold in a market lacking spot bitcoin ETFs, where regulatory support and retail demand for cryptocurrency infrastructure remain high. Since the announcement, shares of the acquired entity jumped by 350 %, underscoring investor enthusiasm for the bitcoin-proxy model.
South Korea’s regulatory framework for digital assets is evolving, with the Financial Services Commission indicating a push toward broader institutional adoption and clarified custody rules. Parataxis Korea intends to leverage this environment by offering regulated treasury services and streamlined access to on- and off-chain yield products backed by bitcoin collateral. Institutional clients, including pension funds and family offices, are expected to be primary participants in the region.
The SPAC structure accelerates the timeline for public access to Parataxis’s bitcoin strategy, bypassing the traditional initial public offering process. Shareholder approval and SEC review remain as final steps before closing. Management projects that the combined entity will generate net yield of 2–4 % annually on its asset base through strategic deployment in lending markets and liquidity provision pools across multiple chains.
If the optional $400 million share purchase agreement is executed, the total equity raised could provide the capacity to purchase up to 8,000 BTC at current price levels. That scale would position Parataxis among the largest publicly traded bitcoin treasury firms globally, potentially rivaling established players that currently hold tens of thousands of tokens on their balance sheets.
The transaction also includes governance provisions ensuring that bitcoin holdings remain fully collateralized and subject to quarterly third-party audits. Parataxis has committed to maintaining a conservative risk profile by limiting derivative exposure and requiring over-collateralization for all yield-generating positions. This approach aims to balance asset appreciation with stable income generation.
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