Parataxis merges with SPAC with aim to form $640-million Bitcoin treasury company

Parataxis Holdings said Wednesday it is merging with the SilverBox Corp IV SPAC in an effort to gather $640 million for a Bitcoin treasury company that would trade on the New York Stock Exchange.

"The Business Combination will deliver up to approximately $240 million to Parataxis Holdings, subject to SBXD (SilverBox Corp IV SPAC) shareholder redemptions. This includes $31 million of equity that will be funded immediately to purchase BTC," according to a statement .

Parataxis also said it "has entered into a share purchase agreement" that would permit it to "issue and sell up to $400 million of equity," adding that the combined moves "could provide up to $640 million of gross proceeds to support the execution and acceleration of the BTC treasury strategy."

Once the merger is closed, the new company aims to trade on the New York Stock Exchange under the ticker symbol PRTX.

The move follows several other companies' engineering ways to pursue the Bitcoin treasury model pioneered by Michael Saylor's Strategy. The cumulative holdings of Bitcoin treasury companies is nearly $90 billion, according to The Block Data Dashboard .

"Today’s announcement brings us closer to realizing our vision of creating a publicly listed entity that delivers differentiated exposure to Bitcoin," Parataxis founder and CEO Edward Chin said in the statement.

The planned BTC treasury company will specifically target the U.S. and South Korean markets. In June, Parataxis Holdings announced a definitive agreement among Parataxis Holdings, Parataxis Korea Fund I LLC, and Bridge Biotherapeutics to launch its Korean Bitcoin treasury strategy.