Parataxis Closes $640 Million SPAC, Expands Bitcoin Treasury

• Parataxis Plans to Go Public with a Focus on Bitcoin
• Companies with BTC in treasury exceed 230 globally
• Parataxis Expands Bitcoin Operations to South Korea

Parataxis Capital, a New York-based digital asset manager, announced its intention to go public through a merger with SilverBox Corp IV, in a deal that could raise up to $640 million. The transaction, which combines $240 million in trust capital with a $400 million credit line, will allow the company to list its shares on the New York Stock Exchange under the ticker PRTX.

With a strategic focus on Bitcoin, Parataxis structured the deal to accelerate its BTC treasury policy. According to SEC filings, US$31 million has already been allocated for initial Bitcoin purchases, even before the transaction was finalized. The merger is expected to close in the fourth quarter of 2025, pending regulatory approval.

The company joins a growing group of companies adopting Bitcoin as a reserve asset, a trend that already totals more than 230 entities with BTC on their balance sheets. Examples such as Strategy, Metaplanet, and Semler Scientific have reinforced this movement, but Parataxis differentiates itself by incorporating yield-generating strategies and operating in multiple jurisdictions.

In addition to its expansion in the US, the asset manager also strengthened its presence in Asia with the acquisition of South Korean firm Bridge Biotherapeutics for 25 billion won (approximately US$18,5 million). The transaction transformed the company into a subsidiary of Parataxis Korea, which now operates as a BTC investment vehicle in a market where institutional investors still face regulatory barriers to direct access to Bitcoin ETFs.

Bridge's shares have risen nearly 350% since the acquisition, fueled by its shift in focus to crypto assets. Although more than 3.000 Korean institutions have real-name crypto accounts, direct investment in Bitcoin ETFs remains prohibited, making treasury strategies like Parataxis's a viable alternative.

Edward Chin, CEO of Parataxis, stated that the company is "well-capitalized to execute a BTC treasury strategy in the US, enhanced by the yield-generating capabilities of an institutional asset manager." Joe Reece, partner at SilverBox, highlighted the structure as "unique and highly scalable," highlighting the growing demand for digital assets in public markets.