Bitcoin News Today: Parataxis to Go Public via $640M SPAC Deal to Expand Bitcoin Holdings

Parataxis Holdings is set to execute a bold $640 million capital raise through a merger with SilverBox Corp IV, a special purpose acquisition company (SPAC), in a move that will take the firm public on the New York Stock Exchange under the ticker “PRTX” [1]. The deal, which received board approval from both companies, is expected to institutionalize Parataxis’s Bitcoin treasury strategy and provide it with significant liquidity to acquire and manage Bitcoin holdings.

Under the terms of the agreement, $31 million in capital will be allocated immediately for Bitcoin purchases, with an additional $400 million potentially available via a separate share purchase agreement [1]. This structure provides Parataxis with a flexible funding mechanism, allowing it to scale its Bitcoin acquisition strategy while managing liquidity. The combined entity is valued at an implied $800 million, based on a $10 per share listing price, and mirrors similar strategies employed by other Bitcoin-focused firms [1].

Parataxis is also pursuing expansion in South Korea, where it has already established “Parataxis Korea” through an investment in Bridge Biotherapeutics [1]. The firm noted that Bridge’s share price has grown approximately 4.5 times since June, reflecting investor confidence in its market strategy. CEO Edward Chin emphasized that the new listing will position Parataxis to aggressively pursue Bitcoin acquisitions and expand its yield-generating strategies in both the U.S. and South Korean markets [1].

This deal is part of a broader trend among cryptocurrency firms leveraging SPACs to access public markets. Recent examples include Circle Internet Group, which saw a 420% increase from its IPO price in June, and Anthony Pompliano’s ProCap Acquisition Corp, which listed on Nasdaq in May [1]. Grayscale also filed for a listing in July, signaling continued interest in crypto-focused public offerings.

The transaction now awaits approval from the U.S. Securities and Exchange Commission (SEC) via the Form S-4 filing. Once finalized, Parataxis will use the raised capital to support its Bitcoin reserves and scale its digital asset investment model globally [1].

Source:

[1] Parataxis Plots $640M Bitcoin Treasury Bid in Bold NYSE SPAC Deal

https://cryptofrontnews.com/parataxis-plots-640m-bitcoin-treasury-bid-in-bold-nyse-spac-deal/