Parataxis Merges with SPAC for Bitcoin Venture

Parataxis Holdings announced on Wednesday its merger with SilverBox Corp IV SPAC in a bid to raise $640 million for a Bitcoin treasury company that plans to trade on the New York Stock Exchange. According to the company, this Business Combination could provide up to approximately $240 million, factoring in potential shareholder redemptions of SBXD (SilverBox Corp IV SPAC). This includes an immediate equity funding of $31 million aimed at buying Bitcoin (BTC). Parataxis Holdings also revealed a share purchase agreement allowing the issuance and sale of up to $400 million in equity. Together, these actions could yield up to $640 million in gross proceeds to facilitate the execution and acceleration of their BTC treasury strategy. After the merger is finalized, the new entity is expected to list on the New York Stock Exchange under the ticker symbol PRTX. This initiative follows similar efforts as numerous companies explore the Bitcoin treasury model established by Michael Saylor. The total Bitcoin holdings of treasury companies currently approaches $90 billion, as reported by The Block Data Dashboard. CEO Edward Chin stated, "Today’s announcement brings us closer to realizing our vision of creating a publicly listed entity that delivers differentiated exposure to Bitcoin." The upcoming BTC treasury company will specifically focus on markets in the U.S. and South Korea. In June, Parataxis Holdings revealed plans to launch its Korean Bitcoin treasury strategy in collaboration with Parataxis Korea Fund I LLC and Bridge Biotherapeutics. Disclaimer: The Block is an independent media outlet providing news and data. As of November 2023, Foresight Ventures is a major investor in The Block. Foresight Ventures also invests in various crypto companies, including Bitget as an anchor LP. The Block remains independent in providing objective and timely information regarding the crypto sector. This article is for informational purposes and does not constitute legal or financial advice.