Parataxis will combine with SPAC, raising 640 million dollars, to set up a Bitcoin Treasury and list it on the NYSE as the PRTX.
Parataxis merges with SPAC in a major Bitcoin-focused deal
The holding company has merged with SilverBox Corp IV, a special-purpose merger vehicle, through an SPAC merger. It is renamed Parataxis Holdings Inc. Dragoneer Investment Group Inc. intends to offer as much as $640 million and start to trade on the New York Stock Exchange.
The new company will be listed under the state trader, PRTX, and will operate a specific approach to Bitcoin Treasury. The transaction is aimed at institutional investors in South Korea and the United States.
Merger funding includes equity and a credit facility
The merger should generate about 240 million, subject to redemptions by the shareholders. Part of this is $31 million in equity invested in the short-term purchase of Bitcoin. Further, a share purchase agreement ensures issuing $400 million of equity in the form of an equity line of credit.
The combination of these sources of funding will position Parataxis Holdings Inc. to rapidly accumulate its Bitcoin Treasury. If the shares are estimated at 10 dollars, the firm’s post-merger valuation may achieve 800 million dollars.
Focus on South Korea and U.S. institutional markets
The South Korean market has been a target of Parataxis long after the company incorporated its subsidiary, Parataxis Korea. The arm in Korea takes a share price of 4.5 times that of its deal in June 2025 with the Bridge Biotherapeutics.
The company intends to solidify its markets in South Korea and increase its market share in the United States. Founder and CEO Edward Chin said that the SPAC merger will assist in delivering a disciplined Bitcoin strategy through a scalable institutional platform. He also observed SilverBox’s support until the end of the deal.
Parataxis joins the growing Bitcoin treasury trend
This action makes Parataxis one of the increasing number of companies with Bitcoin on their balance sheets. In total, treasury companies currently owe about 3.64 million BTC, with a value of 415 billion dollars.
The top of the list includes the Strategy of Michael Saylor, which has more than 628,000 BTC. Bitcoin Standard Treasury Company has 30,000 BTC, as Trump Media and Technology Group has ensured that they have over 18,000 BTC. Other players that also feature in the list include MARA Holdings. The government’s ownership is small, and other places have smaller investments by the U.S., El Salvador, and Bhutan.
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