- Parataxis will merge with SilverBox Corp IV, raising up to $640M to boost Bitcoin reserves and list publicly as “PRTX.”
- $31M of the capital raised will be used immediately for BTC purchases, with $400M more available through a share purchase agreement.
- The firm plans global expansion, including Parataxis Korea, leveraging high crypto demand and yield generating strategies.
Parataxis Holdings is preparing a high Bitcoin accumulation strategy, aiming to raise up to $640 million in capital as part of a newly announced merger. The digital asset manager confirmed on Wednesday that it will combine with SilverBox Corp IV, a special purpose acquisition company (SPAC), to become a public entity listed on the New York Stock Exchange.
The new company will operate under the name Parataxis Holdings Inc. and trade with the ticker symbol “PRTX.” This transaction is an effort to institutionalize Bitcoin treasury reserves through equity financing.
Parataxis Merges with SilverBox for NYSE Listing
The merger deal brings together Parataxis and SilverBox Corp IV in a structure designed to fuel Parataxis’s long term BTC strategy. According to the company, the business combination will deliver up to $240 million, depending on shareholder redemptions.
From this, $31 million will be used immediately for Bitcoin purchases. In addition, Parataxis disclosed it has “entered into a share purchase agreement” allowing it to raise up to $400 million more in equity.
Altogether, the capital raise could total $640 million in gross proceeds. The deal gives the combined entity an implied valuation of $800 million, based on a $10 per share value once listed. This follows similar initiatives by other Bitcoin focused treasury firms, drawing on the playbook first introduced by Michael Saylor’s BTC strategy.
New Expansion Strategy Includes South Korea Operations
To expand its market presence, Parataxis plans to grow a foothold in South Korea, where crypto trading volume is high. The company already launched “Parataxis Korea” through an investment in Bridge Biotherapeutics.
Since announcing this move in June, Bridge’s share price has reportedly grown approximately 4.5 times. Parataxis founder and CEO Edward Chin explained that the new structure would allow the firm to pursue BTC acquisitions aggressively. “We will also be ideally positioned to further establish and grow our successful foothold in South Korea with Parataxis Korea,” Chin stated.
According to Chin, the firm will continue offering institutional-grade Bitcoin exposure while enhancing returns through yield generating strategies. These will be rolled out both in the United States and South Korea.
Crypto IPO Trend Continues Amid SPAC Popularity
This merger follows a broader trend of crypto firms tapping into public markets through SPAC transactions. Recent listings include Circle Internet Group, which launched its IPO in June. Shares surged 420% from the $31 IPO price. Anthony Pompliano’s ProCap Acquisition Corp also debuted on the Nasdaq in May, while Grayscale filed for a listing in July.
SilverBox Corp IV shares posted a 1.7% after-hours gain to $10.78 on Wednesday, following news of the Parataxis merger. The SPAC’s stock has seen minor gains since January, boosted mostly by the initial merger disclosure earlier this year.
The boards of both companies have approved the deal, which now awaits U.S. Securities and Exchange Commission (SEC) review of the Form S-4 filing. Once finalized, Parataxis will hold capital to support its BTC holdings while pushing its digital asset investment model across global markets.
