Parataxis merges with SPAC to go public in a $640-million Bitcoin Treasury deal

Parataxis Holdings LLC, a digital asset management firm, merged with SilverBox Corp IV, a special purpose acquisition company (SPAC). The merger plans to go public on the NYSE as a traded company by raising up to $640 million for a Bitcoin Treasury. The collaboration has been named Parataxis Holdings Inc. and specifically targets the South Korean and U.S. markets. 

The merger will trade on the New York Stock Exchange (NYSE) under the PRTX ticker when it goes public. Parataxis Holdings combines Bitcoin exposure, proprietary growth opportunities, and profitable income creation. It had already targeted South Korea with early inception as Parataxis Korea. The Korean entity had seen its share price increase approximately 4.5x since June 20, 2025, when it announced its transaction with Bridge Biotherapeutics. 

Parataxis Holdings’ merger with SBXD yields $640M 

The union between Parataxis Holdings and SBXD provides approximately $240 million to the merger, subject to the redemption of SilverBox Corp IV (SBXD) shareholders. This sum will include around $31 million in equity, drawn from funds raised promptly for the BTC purchase. Moreover, the crypto asset manager has agreed to a share purchase agreement (the ELOC), enabling HoldCo to issue up to $400 million in equity. Combined, these actions could yield up to $640 million to execute and speed up the Bitcoin treasury strategy.

At the end of the merger, if each share is valued at $10, Parataxis HoldCo would be worth about $400 million. If the full $400 million from the equity credit line is used at $10 per share, the total value will rise to $800 million. This assumes no investors withdraw before closing and no other funding is added.

Edward Chin, Founder and CEO of the crypto asset management firm, commented that the announcement has brought them closer to realizing their vision of creating a public company that provides differentiated exposure to Bitcoin via a disciplined institution that invests across underserved markets. 

Chin acknowledged that after the close of the deal with SBXD, Parataxis Holdings will be well-positioned to execute the Bitcoin Treasury strategy in the U.S. He added that they will have a better footing to establish in South Korea with Parataxis Korea. He acknowledged SBXD’s support, mentioning that it has been an excellent partner throughout the process, and they look forward to continuing to work together. 

Parataxis Holding Inc. joins the Bitcoin treasuries trend alongside Strategy

Joe Reece, the Founding Partner of SBXD and Co-managing Partner of SilverBox Capital, acknowledged Ed and the Parataxis Holding team for building a unique and highly scalable digital asset management platform. 

The crypto asset managing firm and HoldCo’s securities to be issued in the transaction have not been registered under the Securities Act of 1993. Pending approval from the SEC, they may not be issued in the U.S.  

The merger follows the ongoing institutional Bitcoin acquisition trend. Bitcoin treasury companies’ current total holdings are nearly $415 billion. In July, approximately 166,000 BTC was accumulated by Bitcoin Treasury companies, increasing total holdings to 3.64 million, which is worth $415.34 billion today. 

Michael Saylor’s Strategy had amassed 31,466 BTC by July’s end, totaling 628,791 BTC. Bitcoin Standard Treasury Company, a more recent entrant, had accumulated 30,021 BTC, ranking fourth among public-listed treasuries. Trump Media and Technology Group held 18,430 BTC after their May capital raise. MARA holdings and XXX hold second and third positions, respectively, with 50,000 and 43,514 BTC.

Government holdings like the U.S. Treasury also accumulated 10 BTC, El Salvador 33 BTC, while Bhutan disposed of 776 BTC.

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