Parataxis Capital is a transaction that can provide capital up to $640 million, and will be made public through its merger with Silverbox Corp IV, according to the decisive agreement announced on August 7th.
The transaction combines $240 million trust capital with $400 million equity facilities and places a Bitcoin-centric asset manager under the New York Stock Exchange’s Ticker PRTX.
Known for its digital asset strategy and Bitcoin yield generation vehicles, the New York-based company constitutes a contract to directly accelerate its BTC financial operations. According to an investor presentation filed with the SEC, the $31 million capital has already committed to its first Bitcoin purchase, and Parataxis is set to detain before its closure. The company expects trading to close in the fourth quarter of 2025 until regulatory approval is pending.
The move is paralyzed by the growing number of public companies that have switched their balance sheets to Bitcoin Holdings. The number of companies reporting BTC in their books has almost doubled since the beginning of this year, now exceeding 230. This trend has gained momentum with well-known case studies such as Strategy, Metaplanet and Semler Scientific. Parataxis appears to enhance the model by incorporating aggressive yield production and cross-border exposure.
The SPAC structure comes amid a renewed interest in blank check transactions across the crypto sector. Earlier this year, Procap’s $1 billion SPAC plan reopened the window for digital asset companies that are focusing on public lists. Parataxis’ agreement with Silverbox Corp IV could mark the largest SPAC focused on Bitcoin Treasury since 2021, allowing companies to pursue both Bitcoin accumulation and facility-wide recovery strategies.
As part of a global expansion, Parataxis made a strategic pivot on South Korea through its acquisition of 25 billion bridge biotherapy in June. The transaction, which was then valued at $18.5 million, transformed the biotechnology company into a regional business subsidiary now known as Parataxis Korea. The unit aims to serve as a BTC finance and investment vehicle in jurisdictions where institutional investors face limited access to spot Bitcoin ETFs.
Shares in Bridge Biotherapeutics have skyrocketed nearly 4.5 times since the acquisition announcement. This is part of investors due to the shift from biotechnology to Bitcoin exposure in markets where regulatory bottlenecks limit alternative access. South Korea has legalized realistic crypto accounts for more than 3,000 institutions, but these entities remain banned from direct ETF investments for now, making the listed BTC-Treasury vehicles an attractive replacement.
Parataxis CEO Edward Chin highlighted the company’s intention to scale the model, saying it would be “appropriately capitalized to implement the US BTC financial strategy, strengthened by the yield capabilities of the institution’s asset managers.” Silverbox co-management partner Joe Reece calls the platform “unique and highly scalable,” citing the demand for structured digital asset access in the open market.
The agreement provides parataxis options in capital drawdown through its equity line with CF Principal Investments, with certain terms not yet disclosed. This structure may reduce SPAC redemption risk, but introduces the possibility of future dilutions to shareholders depending on the pacing of the deployment and market conditions.
If approval for the Form S-4 registration statement is pending, the composite entity is targeting the Q4 list as PRTX. The company plans to expand Bitcoin purchases in both its US and South Korean subsidiaries, positioning it as a bridge to bridge western capital flows with demand for the eastern market constrained by policy. This transaction, if completed on the natural terms, places parataxi among the most capitalized Bitcoin native companies in the public market.
It is mentioned in this article
