Parataxis Holdings, a U.S.-based digital asset manager, is merging with SilverBox Corp IV with the aim of launching a $640 million Bitcoin treasury strategy.
Parataxis Holdings and SilverBox Corp IV Merger
Parataxis Holdings is set to become a public company through a merger with investment company SilverBox Corp IV. This deal values the combined firm at $400 million based on a $10 share price. The merger will establish a new entity listed on the New York Stock Exchange under the ticker 'PRTX'.
Bitcoin Purchase Strategy
As part of this deal, Parataxis Holdings plans to deploy an initial $31 million for Bitcoin purchases. Additionally, the company may access up to $240 million from the SPAC trust to expand its digital asset holdings. CEO Edward Chin stated that the new entity is 'well capitalized' to pursue strategic growth in both the U.S. and South Korea.
Institutional Interest in Bitcoin
According to reports, institutional interest in Bitcoin has surged significantly, with over 166,000 Bitcoin added by corporate and fund managers in July. Total holdings across public firms and ETFs now exceed 3.64 million BTC, worth over $428 billion.
The merger of Parataxis Holdings and SilverBox Corp IV highlights the growing trend of institutional interest in Bitcoin and companies establishing strategies for access to digital assets.
