In a strategic move to enhance its Bitcoin holdings, Parataxis Capital has entered into a merger with SilverBox Corp IV, which is projected to generate up to $640 million in funding. This merger, formalized through a definitive agreement on August 7, will facilitate Parataxis’s listing under the ticker PRTX on the New York Stock Exchange.
The arrangement merges $240 million from trust funds with a $400 million equity provision, setting the stage for the New York-based asset management company to ramp up its Bitcoin-centric operations. According to a presentation submitted to the SEC, Parataxis has already committed $31 million for initial Bitcoin acquisitions, with plans to secure these assets prior to the merger’s completion, expected in the fourth quarter of 2025, subject to regulatory consent.
This initiative is part of a broader trend where public companies are increasingly converting their financial reserves into Bitcoin holdings. The number of such firms has almost doubled this year, surpassing 230 worldwide. High-profile enterprises like Strategy, Metaplanet, and Semler Scientific have set precedents in this domain, and Parataxis aims to expand this model with active yield-generation and international exposure.
The SPAC arrangement aligns with a resurgence in interest for blank-check mergers within the crypto industry. Earlier this year, ProCap announced a $1 billion SPAC initiative, rekindling opportunities for digital asset companies aiming for public market entries. Parataxis’s pact with SilverBox Corp IV is poised to become the largest SPAC focused on Bitcoin treasury since 2021, empowering the firm to execute Bitcoin accumulation and yield-generation strategies on an institutional level.
As part of its international growth strategy, Parataxis acquired Bridge Biotherapeutics in South Korea for ₩25 billion (approximately $18.5 million) in June, rebranding it as Parataxis Korea. This subsidiary is positioned to function as a Bitcoin treasury and investment vehicle in a market where institutional investors face limitations in accessing Bitcoin ETFs directly.
Since the acquisition announcement, Bridge Biotherapeutics’ stock has multiplied by nearly 4.5 times, a surge attributed by some investors to the shift from biotechnology to Bitcoin investment, especially in a regulatory environment with limited alternative access. Although South Korea has approved real-name crypto accounts for over 3,000 institutions, these entities are currently restricted from direct ETF participation, increasing the appeal of publicly listed Bitcoin-treasury vehicles.
Edward Chin, CEO of Parataxis, highlighted the firm’s ambition to expand its model, stating they are well-equipped to implement a robust Bitcoin treasury strategy in the US, enhanced by institutional asset management’s yield-generation capabilities. Joe Reece, SilverBox’s co-managing partner, praised the platform for its uniqueness and scalability, noting the demand for structured digital asset access in public markets.
The merger agreement provides Parataxis with flexibility in capital deployment through its equity line with CF Principal Investments, though specific terms are yet to be detailed. This setup could reduce SPAC redemption risks while posing potential future dilution for shareholders based on deployment speed and market conditions.
Upon approval of the Form S-4 registration statement, the joint entity anticipates a Q4 listing as PRTX. The firm plans to bolster its Bitcoin acquisitions within the US and through its Korean branch, aiming to connect Western capital with Eastern demand, influenced by regional regulations. Should the deal proceed as outlined, Parataxis would emerge as one of the most well-funded Bitcoin-centric firms in the public market.
