Parataxis Holdings is set to become the latest entrant in the growing world of Bitcoin treasury firms, announcing a merger with the SilverBox Corp IV special purpose acquisition company (SPAC) in a deal that could raise up to $640 million.
The combined company will aim to create a dedicated Bitcoin treasury vehicle and intends to list on the New York Stock Exchange under the ticker symbol PRTX.
According to the announcement made on Wednesday, the proposed business combination is expected to deliver approximately $240 million to Parataxis Holdings, subject to shareholder redemptions by SilverBox Corp IV (Nasdaq: SBXD). Of that amount, $31 million is expected to be deployed immediately for Bitcoin purchases.
In addition to the SPAC merger, Parataxis has also entered into a share purchase agreement allowing it to issue and sell up to $400 million in equity. If fully executed, the combined transactions could generate gross proceeds of up to $640 million, which would be used to accelerate the company’s Bitcoin treasury strategy.
“Today’s announcement brings us closer to realizing our vision of creating a publicly listed entity that delivers differentiated exposure to Bitcoin,” said Edward Chin, founder and CEO of Parataxis Holdings.
The new entity will specifically target the U.S. and South Korean markets. In June, Parataxis had already taken steps in this direction by signing a definitive agreement involving Parataxis Holdings, Parataxis Korea Fund I LLC, and South Korean biotech firm Bridge Biotherapeutics to expand its Bitcoin treasury presence in South Korea.
Parataxis follows in the footsteps of firms like MicroStrategy, whose Bitcoin accumulation strategy has inspired a broader Bitcoin treasury movement. As of now, companies following this model collectively hold nearly $90 billion worth of Bitcoin.
Also Read: Metaplanet Adds 463 Bitcoin to Treasury, Total Holdings Hit 17,595
