💼 Parataxis Merges with SPAC in $640M Bitcoin Treasury Deal — Plans NYSE Listing

Parataxis Holdings LLC, a digital asset management firm, is set to go public through a merger with SilverBox Corp IV (SBXD), a special purpose acquisition company (SPAC). The newly formed entity, Parataxis Holdings Inc., plans to list on the New York Stock Exchange (NYSE) under the ticker PRTX, targeting up to $640 million to build a Bitcoin treasury.

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🧾 Key Details:

Deal Value: Up to $640 million

Includes $240M from SPAC funds (subject to redemptions)

Plus up to $400M from an equity line of credit (ELOC)

Estimated Valuation:

Base: ~$400M if shares trade at $10

Potential: ~$800M if full $400M ELOC is exercised

Geographic Focus:

U.S. and South Korea, with prior operations under Parataxis Korea

Parataxis Korea’s stock rose 4.5x since June 20, 2025, following its deal with Bridge Biotherapeutics

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🪙 Strategic Vision:

CEO Edward Chin emphasized the company’s mission to offer differentiated exposure to Bitcoin through an institutional, scalable investment platform targeting underserved markets.

Co-lead Joe Reece of SilverBox Capital praised the Parataxis team for building a “highly scalable digital asset management platform.”

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📊 Part of the Institutional Bitcoin Trend:

Parataxis joins other Bitcoin treasury companies amassing large BTC holdings:

Strategy (Michael Saylor): 628,791 BTC

Bitcoin Standard Treasury: 30,021 BTC

Trump Media & Technology Group: 18,430 BTC

MARA & XXX: 50,000 BTC and 43,514 BTC respectively

Government Holdings: U.S. (10 BTC), El Salvador (33 BTC), Bhutan (recently sold 776 BTC)

As of July 2025, Bitcoin treasury firms held 3.64 million BTC, worth over $415 billion.

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