Bitcoin News Today: Parataxis Completes $640M SPAC Merger With SilverBox to Go Public

Digital asset investment firm Parataxis has finalized a $640 million SPAC merger with SilverBox Corp IV, a vehicle sponsored by an affiliate of SilverBox Capital. The merger, which was first disclosed in June, will result in the formation of Parataxis Holdings, a company set to list on the New York Stock Exchange under the ticker symbol “PRTX” with an implied equity value of up to $800 million at $10 per share [1]. The transaction includes $240 million from the SPAC merger and up to $400 million through an additional equity line of credit, with $31 million already allocated toward the purchase of Bitcoin [2].

Parataxis founder and CEO Edward Chin highlighted that the merger will provide the firm with the necessary capital to execute a Bitcoin treasury strategy in the U.S., leveraging the yield-generation capabilities of an institutional asset manager. In addition to expanding its presence in the U.S., the company plans to grow a “successful foothold in South Korea,” as demonstrated by its investment in Bridge Biotherapeutics. This move has already driven the biotech firm’s stock price up nearly 4.5 times since June [3].

The SPAC merger aligns with a broader trend of crypto firms entering the public markets. In 2025, Circle Internet Group, the issuer of the USDC stablecoin, completed a highly publicized IPO in June, with its shares rising 420% from the initial offering price of $31. Likewise, crypto asset manager Grayscale filed for a public listing in July [1]. The SPAC model has also been adopted by Anthony Pompliano’s fintech-focused ProCap Acquisition Corp, which debuted on the Nasdaq in May [1].

Shares of SilverBox Corp IV have seen modest gains this year, having fallen from an all-time high of $11.20 in June but rising 5% since January. On Wednesday, the stock closed flat at $10.60, followed by a 1.7% after-hours gain to $10.78, largely attributed to the merger announcement [1].

The deal is anticipated to enhance institutional exposure to Bitcoin, positioning Parataxis as a key player in digital asset management. The firm’s strategy centers on leveraging Bitcoin’s yield potential and expanding its reach in critical markets like the U.S. and South Korea [2].

Source:

[1] Cointelegraph, Parataxis IPO: $640 Million SPAC Merger With Silverbox

https://cointelegraph.com/news/parataxis-ipo-640-millon-spac-merger-silverbox

[2] Crypto Briefing, Bitcoin-Native Parataxis to Go Public in SPAC Deal With SilverBox, Targeting $640M Raise

https://cryptobriefing.com/team/vivian-nguyen/

[3] AInvest, Bitcoin News Today: Parataxis to Go Public via $640M SPAC Merger

https://www.ainvest.com/news/bitcoin-news-today-parataxis-public-640m-spac-deal-silverbox-corp-iv-2508/