Parataxis Aims for $640M Bitcoin Treasury via SPAC Deal and NYSE Debut

Parataxis Holdings is merging with SPAC SilverBox Corp IV to go public and raise $640 million for a Bitcoin treasury. The firm targets South Korean and U.S. markets as it prepares to list on the NYSE under the ticker PRTX.

Parataxis Holdings LLC, a digital asset management firm, has announced a strategic merger with SilverBox Corp IV (SBXD), a special purpose acquisition company (SPAC), forming a new entity named Parataxis Holdings Inc. The merged company intends to list on the New York Stock Exchange under the ticker symbol PRTX, aiming to raise up to $640 million to fund a large-scale Bitcoin Treasury initiative.

This merger marks a significant step for Parataxis as it blends Bitcoin exposure with proprietary investment strategies and income-generation models. The company, which initially gained traction through Parataxis Korea, has seen the share price of its Korean arm surge approximately 4.5x since June 20, 2025, following a deal announcement with Bridge Biotherapeutics.

The merger agreement allocates around $240 million to the combined entity, pending SBXD shareholder redemptions. This includes $31 million in equity raised specifically for Bitcoin purchases. Additionally, a share purchase agreement (ELOC) grants HoldCo the ability to issue up to $400 million in new equity, bringing the potential total to $640 million to fast-track the Bitcoin Treasury rollout.

If shares are valued at $10 apiece post-merger, the new HoldCo would start with a valuation near $400 million. Should the entire $400 million equity line be executed at this price, the valuation could reach $800 million, assuming no investor withdrawals or additional funding changes.

Edward Chin, founder and CEO of Parataxis, highlighted the deal as a transformative move toward establishing a public institution that offers unique exposure to Bitcoin through disciplined investments across underserved markets. Chin emphasized their strengthened positioning in both the U.S. and South Korean markets and praised SBXD as an essential and supportive partner throughout the process.

Joe Reece, co-managing partner at SilverBox Capital and founding partner of SBXD, commended Chin’s team for developing a scalable and differentiated digital asset platform ready for the public markets.

However, it’s important to note that the securities involved in the deal have not yet been registered under the Securities Act of 1993, and may not be issued or sold in the United States without SEC approval.

This move aligns with the broader trend of institutional Bitcoin acquisitions. As of July, Bitcoin Treasury companies held approximately 3.64 million BTC, valued at over $415 billion. July alone saw a net accumulation of 166,000 BTC.

Key players in the treasury space include Michael Saylor’s Strategy with 628,791 BTC (including 31,466 BTC added in July), MARA with 50,000 BTC, XXX with 43,514 BTC, and Trump Media and Technology Group with 18,430 BTC. Meanwhile, the Bitcoin Standard Treasury Company holds 30,021 BTC, placing fourth among public treasuries.

Even national governments are participating. The U.S. Treasury reportedly holds 10 BTC, El Salvador 33 BTC, and Bhutan recently sold off 776 BTC.

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