Parataxis Holdings has announced the acquisition of South Korea-listed Bridge Biotherapeutics for KRW 25 billion, aimed at creating a Bitcoin treasury platform.
Acquisition of Bridge Biotherapeutics
Parataxis Holdings has completed the acquisition of Bridge Biotherapeutics for KRW 25 billion. This transaction represents a strategic move to integrate biotech operations with cryptocurrency treasury services, potentially influencing Bitcoin exposure in South Korean public financial structures.
Changes in Leadership and Strategy
Edward Chin, CEO of Parataxis Holdings, will join the board of Bridge Biotherapeutics. Also, partner Andrew Kim will be appointed CEO of the newly formed entity. This leadership change is expected to align with increasing institutional demand for Bitcoin in Korea. Edward Chin noted, "We look forward to transitioning Bridge Biotherapeutics into Parataxis Korea to pioneer a Bitcoin-native treasury service for institutions."
Market Impact and Future Steps
This acquisition could have immediate implications for the Bitcoin market, as the new company will focus solely on this cryptocurrency as a treasury asset. Unlike traditional structures in the Korean market, this direction presents a novel approach for KOSDAQ-listed entities. Regulatory approval is anticipated to start with a shareholder vote of Bridge Biotherapeutics scheduled for August 2025.
Thus, the acquisition of Bridge Biotherapeutics by Parataxis Holdings opens new opportunities for both the Bitcoin market and the biotechnology sector in South Korea, initiating a unique approach to asset management.
