Parataxis Gears Up to Go Public And Acquire BTC With Silverbox Via SPAC Merger
Parataxis Holdings, a New York-based digital asset manager, is teaming up with SilverBox Corp IV, a publicly listed SPAC on the NYSE.
Quick overview
- Parataxis Holdings is partnering with SilverBox Corp IV to create a new publicly traded company focused on Bitcoin treasury strategies.
- The merger could unlock between $400 million and $640 million in capital, with an initial $240 million in upfront funding.
- Parataxis aims to provide institutional exposure to Bitcoin, expanding its reach with a new platform in South Korea.
- The growing interest from major firms like Microstrategy and Tesla indicates a significant shift towards Bitcoin as a long-term investment.
Parataxis Holdings, a New York-based digital asset manager, is teaming up with SilverBox Corp IV, a publicly listed SPAC on the NYSE, to launch a new publicly traded company. If the deal goes through, it could unlock between $400 million and $640 million in capital fueling large-scale Bitcoin treasury strategies.
The transaction that was announced in June will finally go public on the New York Stock Exchange under the ticker name PRTX. The $400 million deal could be worth $800 million ($10 per share) if Parataxis uses its extra stockline. Through institutional management procedures, these funds will be gradually allocated for its Bitcoin treasury with the aim of generating yield for investors.
At this stage, the merger provides $240 million in upfront capital and a reserve of $400 million via equity credit line, with $31 million already released for immediate purchase of Bitcoin (BTC).
Parataxis may be one of the only firms that provides direct institutional exposure to Bitcoin outside of its ETF structure due to the amount of funding and level of public awareness. In addition to the US treasuries, Parataxis is also expanding its global reach through its South Korean platform ‘Parataxis Korea’ (formerly Bridge Biotherapeutics). Since the announcement, the company’s stock has increased to 4.5 times.
Aside from Parataxis, other major firms such as Microstrategy and Tesla, have been acquiring massive Bitcoin assets to potentially hedge against inflation and broader economic instability. Experts suggest that if many firms acquire more Bitcoin, its market cap will accelerate due to rising demand from long-term holders.
Furthermore, the merger shows how Bitcoin is being adapted by these major companies. Investors are now seeing the broader shift in how digital assets are part of a long-term investment. With more firms adopting to these similar developments, Bitcoin’s role in traditional finance could grow significantly.
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