Bitcoin-focused asset manager Parataxis to enter public markets through a $400 million SPAC deal with SilverBox backing.

Parataxis Holdings to Go Public in $400 Million SPAC Deal, Expanding Bitcoin Treasury Strategies in the U.S. and South Korea

Digital asset manager Parataxis Holdings has announced its plan to go public through a merger with SilverBox Corp IV, according to a press release on Wednesday.

The newly combined company will be known as Parataxis Holdings Inc. and is expected to trade on the New York Stock Exchange (NYSE) under the ticker symbol “PRTX.”

The transaction values the firm at $400 million, based on a $10 per share price, with an option to raise an additional $400 million through a share purchase agreement, potentially doubling the company’s valuation. Approximately $31 million has already been raised and allocated toward bitcoin purchases, providing immediate crypto exposure for new shareholders.

Parataxis employs an active bitcoin management strategy, blending market exposure with yield-generating techniques. Unlike passive BTC holders, Parataxis focuses on generating income through low-volatility trading and treasury operations. The company’s leadership, experienced from Parataxis Capital Management, caters primarily to institutional clients such as pension funds and family offices.

In June, Parataxis made its first international expansion 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 hub for its bitcoin treasury strategy in the region. Since the acquisition, Bridge’s shares have surged 350%, reflecting robust investor interest in this bitcoin proxy opportunity.

South Korea presents a favorable market with a large user base, regulatory support for digital assets, and no spot Bitcoin ETF, making it ideal for BTC-focused public firms. Comparable success has been seen in Japan, where companies like Metaplanet experienced share price rallies after shifting focus to bitcoin.

The SPAC deal will also support Parataxis’s expansion of its U.S. treasury operations and exploration of “special situations” investments. If completed, Parataxis will be among the few publicly traded firms offering direct and active exposure to bitcoin outside of traditional ETF structures.

The deal remains subject to shareholder approval and review by the Securities and Exchange Commission.