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 (stock code: SBXD), aiming to raise up to $640 million to establish a bitcoin financial company listed on the New York Stock Exchange.
Upon completion of the proposed transaction, the merged company will be renamed Parataxis Holdings Inc. and will seek to trade under the ticker symbol “PRTX” on the NYSE. Parataxis stated in a press release:
“This merger is expected to provide Parataxis Holdings with up to approximately $240 million in funding (depending on the redemption rate of SilverBox shareholders), which includes $31 million in equity capital to be immediately used for purchasing bitcoin.”
Parataxis also indicated that the company “has signed a stock purchase agreement,” which grants it the right to issue and sell up to $400 million in equity after the transaction is completed. Together, these arrangements “could provide the company with a total funding of up to $640 million,” aimed at driving and accelerating the execution of its bitcoin financial strategy.
Differentiated Yield Strategy
Parataxis Holdings stated that it is a differentiated digital asset platform that combines bitcoin exposure, proprietary growth opportunities, and yield strategies with value appreciation potential, all managed by a professional team.
In addition to the U.S. market, Parataxis has set its sights 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 affiliates with the South Korean publicly listed biotech company Bridge Biotherapeutics, investing 25 billion won to acquire a controlling stake and jointly promote its bitcoin financial strategy in South Korea. Bridge Biotherapeutics is expected to be renamed Parataxis Korea.
Parataxis founder and CEO Edward Chin stated in a statement: “Today’s announcement brings us closer to realizing our vision of creating a publicly traded entity that offers differentiated exposure opportunities to bitcoin.”
This move echoes the recent trend of several companies emulating the “bitcoin financial model” pioneered by Michael Saylor’s Strategy company. Data indicates that the total value of bitcoin held by companies adopting such strategies is estimated to be nearing $90 billion.
