Parataxis Holdings Set to Go Public in $400 Million SPAC Deal, Expanding Bitcoin Treasury Operations in U.S. and South Korea
Digital asset manager Parataxis Holdings has confirmed its plan to go public by merging with SilverBox Corp IV, according to a press release issued Wednesday.
The combined company will be named Parataxis Holdings Inc. and will trade on the New York Stock Exchange (NYSE) under the ticker “PRTX.”
The deal values the company at $400 million, based on a $10 per share price, with the potential to raise an additional $400 million through a share purchase agreement—potentially doubling the valuation. Approximately $31 million has already been raised and allocated to purchasing bitcoin, giving new investors immediate exposure to the cryptocurrency.
Parataxis employs an active bitcoin management approach, blending market exposure with income-generating strategies. Unlike firms that simply hold BTC, Parataxis aims to generate yield through low-volatility trading and treasury operations. Its management team, with experience from Parataxis Capital Management, serves institutional clients including pension funds and family offices.
In June, Parataxis expanded internationally by acquiring a controlling interest in Bridge Biotherapeutics, a healthcare company listed on South Korea’s KOSDAQ. The company will be renamed Parataxis Korea and act as a base for its bitcoin treasury strategy in the region. Since the acquisition, Bridge’s shares have surged 350%, reflecting strong investor demand for bitcoin-related opportunities.
South Korea’s sizable user base, regulatory support for digital assets, and lack of a spot Bitcoin ETF make it an attractive market for BTC-focused companies. Similar trends have been seen in Japan, where firms like Metaplanet have benefited from strategic pivots toward bitcoin.
The SPAC merger will also enable Parataxis to grow its U.S. treasury operations and explore other “special situations” investments. If finalized, Parataxis will join a select group of publicly traded companies offering direct and active bitcoin exposure outside of ETFs.
The deal awaits shareholder approval and regulatory review by the Securities and Exchange Commission.
