Parataxis Holdings to Go Public via $400M SPAC Deal, Targeting Bitcoin Treasury Strategies in U.S. and South Korea

Digital asset manager Parataxis Holdings has confirmed its plans to go public through a merger with SilverBox Corp IV, as announced in a Wednesday press release.

The newly formed company will operate under the name Parataxis Holdings Inc. and is set to trade on the New York Stock Exchange (NYSE) under the ticker symbol “PRTX.”

The deal values Parataxis at $400 million, based on a $10 per share price. Additionally, the company holds the option to raise an extra $400 million through a share purchase agreement, potentially doubling its valuation. To date, approximately $31 million has been raised and designated for purchasing bitcoin, offering new shareholders immediate exposure to the cryptocurrency.

Parataxis employs an active bitcoin management strategy that combines market exposure with yield-generating approaches. Unlike firms that simply hold BTC, Parataxis focuses on generating income through low-volatility trading and treasury management techniques. The company’s leadership includes veterans from Parataxis Capital Management and serves institutional clients such as pension funds and family offices.

In June, Parataxis expanded internationally by acquiring a controlling stake in Bridge Biotherapeutics, a healthcare company listed on South Korea’s KOSDAQ. The company will be rebranded as Parataxis Korea and serve as the regional hub for its bitcoin treasury initiatives. Since the acquisition, Bridge’s shares have soared by 350%, reflecting strong investor interest in the bitcoin proxy play.

South Korea offers a sizable user base, political backing for digital assets, and notably, no spot Bitcoin ETF, creating an attractive environment for BTC-focused public companies. Similar strategies have seen success in Japan, where firms like Metaplanet have experienced significant share price growth after shifting to bitcoin-related operations.

The SPAC merger will also enable Parataxis to expand its U.S. treasury operations and explore additional “special situations” investments. If successful, Parataxis could join a select group of publicly traded companies providing direct, active bitcoin exposure outside of traditional ETF structures.

The transaction is pending shareholder approval and regulatory review by the U.S. Securities and Exchange Commission.