Parataxis Holdings, a digital asset management firm specializing in bitcoin strategies, has announced a definitive business combination with SilverBox Corp IV (NYSE: SBXD), a special purpose acquisition company.
Upon completion, the combined entity will be named Parataxis Holdings Inc. and is expected to list on the NYSE under the ticker “PRTX.”
Focus on bitcoin treasury strategy
The newly public platform will focus on both U.S. and South Korean markets, launching a yield-enhanced bitcoin treasury strategy.
Parataxis has already established a presence in South Korea through the creation of Parataxis Korea, following a foundational deal with Bridge Biotherapeutics.
The company highlights South Korea as an underserved but attractive market for bitcoin treasury services, due to its high trading volumes and lack of a local bitcoin ETF.
For more information on global bitcoin holdings, see the list of countries holdings bitcoin.
Edward Chin, CEO of Parataxis Holdings, commented:
Following the Closing of the Business Combination with SBXD, we will be well-capitalized to execute a BTC treasury strategy in the U.S., enhanced by the yield generation capabilities of an institutional asset manager.
Transaction structure and financials
The merger will provide Parataxis Holdings access to up to $640 million in gross proceeds, including $31 million earmarked for immediate bitcoin purchases and up to $400 million available via an equity line of credit.
The implied pro forma equity value is up to $800 million, assuming full funding and no redemptions.
At closing, the company will purchase and custody bitcoin assets, giving new shareholders immediate exposure. For a deeper look at bitcoin price trends, see the bitcoin price history chart.
Institutional team and risk management
Parataxis Holdings is led by a team with a background in institutional asset management, aiming to generate risk-adjusted yield on bitcoin holdings through low-volatility trading and careful risk management.
The company’s strategy seeks to outperform passive bitcoin ownership by combining yield generation with capital preservation.
For more on bitcoin as a treasury asset, see the bitcoin treasuries database.
Next steps and regulatory process
The transaction is subject to regulatory review and shareholder approval.
A detailed investor presentation is available, and the deal is expected to close following SEC review.
Parataxis Holdings will then pursue further growth in both the U.S. and South Korea, expanding its bitcoin treasury operations.
