Parataxis Holdings, a specialist in institutional digital asset management, has confirmed a business combination with special purpose acquisition company SilverBox Corp IV, aiming to secure up to $640 million in gross proceeds. Upon closing, the merged entity will trade on the New York Stock Exchange under the ticker PRTX, with an implied equity valuation of up to $800 million at $10 per share.
The merger structure allocates approximately $240 million directly to Parataxis Holdings subject to SPAC shareholder redemptions. Of this amount, $31 million will be funded immediately to purchase Bitcoin, reinforcing the firm’s treasury strategy. Additionally, the agreement includes an equity line of credit of up to $400 million, providing ongoing capital for further BTC acquisitions and balance sheet flexibility.
Edward Chin, CEO of Parataxis, emphasized the transaction’s role in establishing a well-capitalized, publicly listed entity focused on disciplined Bitcoin accumulation. The strategy draws inspiration from pioneering corporate treasury models, extending Parataxis’s presence in the United States and expanding its foothold in South Korea via Parataxis Korea, formed through an investment in Bridge Biotherapeutics.
The combined company will prioritize yield generation and institutional governance, leveraging Parataxis’s expertise in managing digital assets for pensions, family offices, and sovereign entities. This model seeks to differentiate from passive investment vehicles by integrating active low-volatility trading strategies and treasury-style operations to generate returns.
Market analysts note that the SPAC route offers expedited public market access and tailored capital structures for crypto firms. Parataxis plans to deploy rigorous risk management and compliance frameworks, addressing regulatory expectations while targeting long-term appreciation of its BTC holdings. The transaction underscores growing institutional demand for regulated vehicles offering direct exposure to Bitcoin.
SilverBox Corp IV shareholders will vote on the business combination, with closing anticipated in the fourth quarter of 2025. Upon completion, Parataxis Holdings will publish detailed metrics on Bitcoin per share, transparency measures, and proof-of-reserves protocols to reinforce investor confidence and support ongoing market participation.
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