Parataxis Holdings announced the launch of South Korea's first publicly traded company with a Bitcoin treasury, acquiring a controlling stake in Bridge Bio.
Announcement of Company Launch
Parataxis Holdings has announced its intention to launch the first publicly traded Bitcoin treasury company in South Korea. The company will acquire a controlling stake in Bridge Bio for $18.5 million. After the deal is complete, Bridge Bio will be renamed Parataxis Korea and will focus its operations on holding BTC.
Global Adoption of Bitcoin by Companies
Globally, public companies now hold over 777,000 BTC, valued at nearly $80.6 billion. Major holders include Marathon Digital, Riot Platforms, and Japan's Metaplanet. Parataxis partner Andrew Kim emphasized that the decision to establish the company is inspired by the success of Strategy, which holds 592,100 BTC, and anticipates that Bitcoin's long-term potential will benefit shareholders and the national economy.
Current State of Bitcoin in the Market
Bitcoin is trading at $103,521 with a modest increase of 0.20% in a day. In the past week, the price has corrected by 2.39%, and its monthly decline is at 5.58%. While Bitcoin is also showing signs of independence as a macro asset, major financial institutions continue to aggressively accumulate BTC despite recent price corrections.
The introduction of a public company with a Bitcoin treasury in South Korea highlights the growing acceptance of digital assets in the corporate sector. This event may lead to further changes in cryptocurrency regulation and increase their legitimacy in financial markets.
