Parataxis Holdings has announced a merger with special purpose acquisition company SilverBox Corp IV, aimed at creating a Bitcoin treasury with a future listing on the New York Stock Exchange.
Merger with SPAC and Plans for IPO
Parataxis Holdings plans to enter the growing world of Bitcoin treasury firms by merging with SilverBox Corp IV. This merger could raise up to $640 million and aims for a listing on the New York Stock Exchange under the ticker PRTX.
Funding and Company Goals
The proposed deal is expected to deliver around $240 million to Parataxis Holdings, with $31 million set to be deployed immediately for Bitcoin purchases. Additionally, Parataxis has entered into a share purchase agreement allowing it to issue up to $400 million in equity.
Markets and Growth Strategy
The new company will specifically target the U.S. and South Korean markets. In June, Parataxis had taken steps to expand its Bitcoin treasury presence in South Korea by signing an agreement with South Korean biotech firm Bridge Biotherapeutics.
The merger of Parataxis Holdings and SilverBox Corp IV may strengthen the company's position in the Bitcoin market, following in the footsteps of giants like MicroStrategy.
