Parataxis Holdings Acquires Bridge Biotherapeutics for 29 Billion Won Bitcoin Treasury Platform

Parataxis Holdings, an affiliate of digital asset-focused investment firm Parataxis Capital Management, is set to launch a Bitcoin-native treasury platform in the South Korean public market. The firm announced on June 20 that it had entered a definitive agreement to invest 29 billion South Korean won ($18.5 million) into Bridge Biotherapeutics, a publicly traded biotech company. Following the acquisition, Parataxis will take a controlling interest in the firm, which will be renamed Parataxis Korea and repurposed as a treasury vehicle for institutional Bitcoin (BTC) exposure.

“Inspired by the growing interest in BTC treasury strategies seen in companies like Strategy in the US and Metaplanet in Japan, we believe institutional interest in this space is increasing globally,” said Andrew Kim, Partner at Parataxis Capital. “We see South Korea as an important market in the evolution of BTC adoption.” Kim added that the firm’s intent is to support institutional access to Bitcoin while emphasizing sound corporate governance and disciplined capital management.

Currently, Bitcoin exchange-traded funds (ETFs) and institutional crypto investments are banned in South Korea. However, the country’s Financial Services Commission (FSC) has allowed 3,500 corporations and professional investors to open “real-name” accounts in the first half of 2025 as part of a pilot program aiming to gradually enable institutional digital asset investments.

Parataxis’ new platform was announced over a week after the New York-headquartered firm announced plans to go public through a $200 million special acquisition company. The Parataxis announcement comes amid a wave of corporate Bitcoin adoption. More than 237 public companies now hold Bitcoin on their balance sheets, up from 124 firms just weeks earlier, representing roughly 3.96% of the total BTC supply.

Founded in 2015 and listed on the Korean Securities Dealers Automated Quotations in 2019, Bridge Biotherapeutics develops therapeutics for the treatment of ulcerative colitis, fibrotic diseases and cancer. The firm’s stock rose more than 20% on the daily chart following news of the acquisition. However, the biotech firm’s stock remains down 74% year-to-date and over 90% from its five-year high.

Parataxis Holdings' acquisition of Bridge Biotherapeutics marks a significant move in the Bitcoin treasury space, particularly in South Korea. The investment firm's decision to repurpose the biotech company as a treasury vehicle for institutional Bitcoin exposure highlights the growing interest in BTC treasury strategies globally. This move is inspired by similar strategies adopted by companies in the US and Japan, indicating a broader trend of institutional adoption of Bitcoin.

The acquisition is part of a larger trend of corporate Bitcoin adoption, with over 237 public companies now holding Bitcoin on their balance sheets. This represents a significant increase from just weeks earlier, underscoring the growing acceptance of Bitcoin as a viable asset for institutional investors. The move by Parataxis Holdings is particularly notable given the regulatory environment in South Korea, where Bitcoin ETFs and institutional crypto investments are currently banned. However, the country's Financial Services Commission has taken steps to gradually enable institutional digital asset investments through a pilot program.

Parataxis Holdings' acquisition of Bridge Biotherapeutics is a strategic move that aligns with the firm's goal of supporting institutional access to Bitcoin while emphasizing sound corporate governance and disciplined capital management. The repurposing of the biotech company as a treasury vehicle for institutional Bitcoin exposure is a clear indication of the firm's commitment to this goal. The acquisition also highlights the potential for Bitcoin to play a role in the treasury strategies of companies in South Korea, despite the current regulatory challenges.