Parataxis Holdings has announced a reverse merger with South Korean public company Bridge Biotherapeutics, forming a new entity for BTC operations.
Merger of Parataxis Holdings and Bridge Biotherapeutics
Parataxis Holdings has concluded a deal with South Korean public company Bridge Biotherapeutics, valued at 25 million Korean won ($18.5 million). The new public entity will be known as Parataxis Korea following the merger.
BTC Treasury Strategy and Its Market Impact
The merged company will initiate a BTC treasury campaign, inspired by the rising interest in such strategies in the US and Japan. 'We view South Korea as a crucial market in the evolution of BTC adoption. Our goal is to support institutional access to BTC while emphasizing sound corporate governance,' said Andrew Kim, partner at Parataxis Capital.
Bridge Biotherapeutics' Troubles Before Acquisition
Before the acquisition, Bridge Biotherapeutics faced significant challenges, with its stock crashing by 76%, and revenue from one of its leading drugs plummeting by 96.7%. In the past 30 days, the company's stock has seen a rise following the announcement of the BTC strategy, yet it remains near its all-time low.
The merger of Parataxis Holdings with Bridge Biotherapeutics creates new opportunities for implementing BTC strategies in the South Korean market, however, establishing a BTC treasury does not always guarantee sustainable stock growth.
