$640M SPAC fuels Parataxis Bitcoin buy-up as public BTC treasuries surpass 230

Parataxis Capital is set to go public through a merger with SilverBox Corp IV in a deal that could deliver up to $640 million in capital, according to a definitive agreement announced August 7.

The transaction combines $240 million in trust capital with a $400 million equity facility, and it positions the Bitcoin-focused asset manager to list under the ticker PRTX on the New York Stock Exchange.

The New York-based firm, known for its digital asset strategies and Bitcoin yield-generation vehicles, has structured the deal to accelerate its direct BTC treasury operations. Per the investor presentation filed with the SEC, $31 million in capital has already been committed to initial Bitcoin purchases, which Parataxis plans to custody prior to closing. The firm expects the transaction to close in Q4 2025 pending regulatory approval.

The move aligns Parataxis with a growing number of public companies turning their balance sheets into Bitcoin holdings. The number of firms reporting BTC on their books has nearly doubled since the start of the year, now exceeding 230 globally. This trend gained momentum with high-profile case studies such as Strategy, Metaplanet, and Semler Scientific. Parataxis appears to enhance the model by incorporating active yield-generation and cross-border exposure.

The SPAC structure comes amid renewed interest in blank-check deals across the crypto sector. Earlier this year, ProCap’s $1 billion SPAC plan reopened the window for digital asset firms eyeing public listings. Parataxis’s agreement with SilverBox Corp IV may mark the largest Bitcoin treasury-focused SPAC since 2021, enabling the firm to pursue both Bitcoin accumulation and yield strategies at an institutional scale.

As part of its global expansion, Parataxis made a strategic pivot into South Korea through the ₩25 billion acquisition of Bridge Biotherapeutics in June. The deal, valued at $18.5 million at the time, converted the biotech firm into a regional operating subsidiary now called Parataxis Korea. The unit aims to serve as a BTC treasury and investment vehicle in a jurisdiction where institutional investors face restricted access to spot Bitcoin ETFs.

Bridge Biotherapeutics’ stock has surged nearly 4.5 times since the takeover announcement, a move some investors attributed to the shift from biotech to Bitcoin exposure in a market where regulatory bottlenecks limit alternative access. While South Korea has legalized real-name crypto accounts for over 3,000 institutions, those entities remain barred from direct ETF investments for now, making listed BTC-treasury vehicles an attractive alternative.

Edward Chin, Parataxis CEO, emphasized the firm’s intent to scale its model, stating in a presentation that it would be “well-capitalized to execute a BTC treasury strategy in the US, enhanced by the yield-generation capabilities of an institutional asset manager.” SilverBox co-managing partner Joe Reece called the platform “unique and highly scalable,” citing demand for structured digital asset access in public markets.

The agreement gives Parataxis optionality in capital drawdown through its equity line with CF Principal Investments, with specific terms yet to be disclosed. The structure could mitigate SPAC redemption risk, though it introduces future dilution potential for shareholders depending on deployment pacing and market conditions.

Pending approval of the Form S-4 registration statement, the combined entity is targeting a Q4 listing as PRTX. The firm plans to expand Bitcoin purchasing both in the US and via its Korean subsidiary, positioning itself to bridge Western capital flows with Eastern market demand constrained by policy. The transaction, if completed on its stated terms, would place Parataxis among the best-capitalized Bitcoin-native companies in public markets.

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