According to Cointelegraph, digital asset investment management firm Parataxis has announced plans to go public via a merger with SilverBox Corp IV, a special purpose acquisition company (SPAC) sponsored by an affiliate of SilverBox Capital. The merger is expected to generate up to $640 million in gross proceeds, which will be used to fund a Bitcoin (BTC) treasury strategy. Upon completion, the merged entity will be named Parataxis Holdings and will aim to list on the New York Stock Exchange under the ticker symbol "PRTX," with an implied equity value of up to $800 million at $10 per share.
The merger, initially proposed in June, includes $240 million from the merger itself and up to $400 million through an additional equity line of credit. An immediate $31 million has been raised to purchase Bitcoin. Parataxis founder and CEO Edward Chin stated that the deal will enable the firm to be well-capitalized for executing a BTC treasury strategy in the United States, bolstered by the yield generation capabilities of an institutional asset manager. Additionally, Parataxis plans to expand into South Korea, offering similar BTC yield strategies to investors. The company has already established "Parataxis Korea" through an investment in Bridge Biotherapeutics, whose stock price has increased approximately 4.5 times since the June announcement.
This move is part of a broader trend of crypto companies going public, either independently or through SPAC mergers. Notably, USDC stablecoin issuer Circle Internet Group had its initial public offering (IPO) in June, with shares surging 420% from the IPO price of $31. Similarly, Anthony Pompliano’s fintech-focused SPAC, ProCap Acquisition Corp, debuted on the Nasdaq on May 20, and crypto asset manager Grayscale filed for a public listing in July.
SilverBox Corp IV shares have experienced minor gains this year, declining from an all-time high of $11.20 in June but posting a 5% gain since January. Most of these gains occurred following the initial announcement of taking Parataxis public. The company's shares closed Wednesday trading flat at $10.60, with a slight after-hours increase of 1.7% to $10.78.
