Parataxis to Go Public in $640M SPAC Merger with SilverBox

• Parataxis plans to go public via $640M SPAC deal to expand Bitcoin treasury operations.
• New entity “PRTX” to list on the NYSE and operate in both the U.S. and South Korea markets.
• Parataxis combines BTC exposure with active yield-generation for institutions globally.

Parataxis Holdings is preparing to go public through a merger with SPAC SilverBox Corp IV. The deal could raise up to $640 million. The new company will trade on the NYSE under the ticker “PRTX” after the merger closes. The firm plans to use the proceeds to strengthen its Bitcoin treasury strategy. It will focus on both the U.S. and South Korean markets. This dual-market approach comes as demand for institutional Bitcoin exposure grows globally.

Founded by veterans of Parataxis Capital Management, the company manages Bitcoin through active, income-focused strategies. Unlike firms that only hold BTC, Parataxis aims to generate yield from low-volatility trading and structured positions.

A Cross-Border Bitcoin Treasury Bet

The SPAC deal will initially deliver up to $240 million to Parataxis. This depends on the level of SPAC shareholder redemptions. Of that, $31 million is already secured and will be used immediately to buy Bitcoin.

Parataxis has also signed a share purchase agreement allowing it to raise another $400 million after the listing. If fully funded, this would bring the total capital available to $640 million. These funds will help build a diversified Bitcoin treasury platform with institutional-grade execution.

The firm is also entering the South Korean market. It recently announced the acquisition of Bridge Biotherapeutics, a healthcare firm listed on KOSDAQ. This company will be renamed Parataxis Korea.

Since the announcement in June, Bridge’s share price has surged more than 4.5x. This sharp rise signals strong interest from Korean investors in the Bitcoin treasury concept. Edward Chin, founder and CEO of Parataxis Holdings, said the public listing is key to scaling the strategy. He noted that the firm wants to build disciplined, cross-border Bitcoin exposure via an institutional platform.

Riding the Bitcoin Treasury Wave

Parataxis joins a growing list of firms pursuing Bitcoin treasury strategies. The model was first popularized by Strategy’s Michael Saylor. However, some market veterans have warned that this wave may be peaking. Galaxy Digital CEO Mike Novogratz recently said the rush into Bitcoin treasuries could be nearing saturation.

Despite that, Parataxis believes its approach is different. The firm combines Bitcoin exposure with yield-generating methods and regional expansion. Its focus on underdeveloped markets like South Korea may offer new growth paths. Joe Reece, co-managing partner of SilverBox Capital, praised Parataxis’s scalable platform. He said the partnership reflects confidence in the team’s ability to deliver a differentiated offering.

Related: Bakkt Buys 30% Stake in Marusho Hotta for Bitcoin Treasury Push

The company, Parataxis Holdings Inc., will operate as a U.S.-based Bitcoin treasury platform. It will manage capital by holding Bitcoin and generating income from structured investment methods.

At a $10 share price, the company’s pro forma equity value would be around $400 million. If Parataxis successfully raises the full $400 million in additional equity after listing, its total market value could increase to around $800 million. The listing will also give Parataxis flexibility to raise more capital in the future. This flexibility is crucial for scaling its treasury platform and also its special situations strategy.

With footholds in both the U.S. and South Korea, Parataxis positions itself at the intersection of two high-growth markets. If successful, Parataxis may influence how future Bitcoin treasury firms expand globally. The company’s strategy blends capital markets access, regional growth, and disciplined execution.