Bitcoin-native Parataxis to go public in SPAC deal with SilverBox, targeting $640M raise

Key Takeaways

Parataxis Holdings will go public via a $640 million SPAC merger with SilverBox Corp IV and list under ticker PRTX.
The company will allocate $31 million to Bitcoin acquisitions and aims to expand its digital asset investment platform, especially in South Korea.

Bitcoin-native asset manager Parataxis Holdings is set to go public through a business combination with SilverBox Corp IV (SBXD) in a deal that could provide up to $640 million in gross proceeds, the company announced on Wednesday.

The new company will be called Parataxis Holdings Inc. (Parataxis HoldCo) and plans to trade on the New York Stock Exchange under the ticker “PRTX.”

The transaction could give Parataxis access to up to $640 million in capital, including $240 million from SPAC trust and equity commitments and $400 million through an equity line of credit (ELOC) after the deal closes.

As noted in the announcement, Parataxis will allocate $31 million from the capital raise to Bitcoin acquisitions. The company aims to execute an aggressive BTC treasury strategy, using its balance sheet to accumulate Bitcoin over time while positioning itself as a next-generation financial platform for digital asset-backed investments and special situations.

Parataxis CEO Edward Chin said the deal marked progress toward listing a firm that offers institutional-grade Bitcoin exposure in underserved markets. He noted that the company would be well-capitalized to execute a BTC treasury strategy in the US and expand its presence in South Korea following the closing of the business combination with SBXD.

“We will also be ideally positioned to further establish and grow our successful foothold in South Korea with Parataxis Korea. We are proud to have the support of SilverBox Capital, who have been excellent partners throughout this process, and we look forward to continuing to work alongside them,” he added.

“Ed and the team at Parataxis Holdings have built a unique and highly scalable digital asset management platform that offers exposure to a cutting-edge strategy at an institutional-grade level,” said Joe Reece, Founding Partner of SBXD and Co-Managing Partner of SilverBox Capital.

The company operates Parataxis Korea, which has seen its share price increase approximately 4.5x since June 20, 2025, when it announced its transaction with Bridge Biotherapeutics. The South Korean market represents a strategic opportunity as one of the largest markets for digital asset trading volume without a Bitcoin ETF.

The transaction has been approved by the boards of both companies and is expected to close following SEC review of the registration statement on Form S-4.