Parataxis, a Bitcoin asset manager, is set to go public in a $400 million SPAC deal backed by SilverBox.

Parataxis Holdings to Go Public in $400 Million SPAC Deal, Expanding Bitcoin Treasury Strategies Across U.S. and South Korea

Digital asset manager Parataxis Holdings has officially announced plans to go public through a merger with SilverBox Corp IV, confirming earlier reports in a press release on Wednesday.

The combined company will operate under the name Parataxis Holdings Inc. and is expected to list on the New York Stock Exchange (NYSE) under the ticker symbol “PRTX.”

Valued at $400 million based on a $10 per share price, the deal includes an option to raise an additional $400 million through a share purchase agreement, potentially doubling the company’s valuation. So far, about $31 million has been secured to purchase bitcoin, providing immediate cryptocurrency exposure for future shareholders.

Parataxis follows an active bitcoin management strategy that combines market exposure with income-generating trading and treasury operations. Unlike companies that simply hold BTC, Parataxis aims to produce yield through low-volatility trading. Its leadership team includes experienced professionals from Parataxis Capital Management and serves institutional clients such as pension funds and family offices.

In June, Parataxis took its first international step by acquiring a controlling stake in Bridge Biotherapeutics, a South Korea-listed healthcare company on KOSDAQ. The firm will be rebranded as Parataxis Korea and serve as the regional hub for its bitcoin treasury strategy. Bridge’s shares have surged 350% since the announcement, highlighting strong investor appetite for bitcoin proxy plays.

South Korea’s large user base, supportive regulatory environment, and absence of a spot Bitcoin ETF create an attractive market for bitcoin-focused public companies. Similar strategies have seen success in Japan, where firms like Metaplanet have experienced significant share price gains after pivoting to bitcoin.

The SPAC deal will also allow Parataxis to expand its U.S. treasury operations and pursue additional “special situations” investments. If completed, Parataxis could become one of the few publicly listed firms providing direct, active bitcoin exposure beyond traditional ETFs.

The transaction is subject to shareholder approval and regulatory clearance from the Securities and Exchange Commission.