Digital asset manager parataxis holdings are officially publicly public through a SPAC deal with Silverbox Corp, confirming the listing of earlier plans, it announced. Press release On Wednesday.
The new unit will be called Parataxis Holdings Inc. and aims to trade under the tick “PRTX” on the New York Stock Exchange (NYSE).
At the cost of a $ 10 share, the deal gives importance to the joint company in $ 400 million, with the ability to double that figure if parataxis empowers to raise an additional $ 400 million through a share purchase agreement. About 31 million dollars have already been taken up to purchase bitcoin (BTC) and provide immediate risk to future shareholders for property.
Parataxis manages bitcoins in an active strategy that mixes market risk with yield-generating techniques. Unlike only BTC-having firms, parataxis wants to generate income through low-stagnation trade and treasury-style operations. The platform is run by the Parataxis Capital Management veterans and serves institutional customers, including pension firms and family offices.
In June, Parataxis took its first international step by achieving a controlled stake in Bridge Biotheraputics, a healthcare firm listed on Kosadack in South Korea. The firm will be renamed Parataxis Korea and its bitcoin will be served as a regional basis for treasury strategy. Since the announcement, the Bridge shares have jumped 350%, showing a strong investor demand for bitcoin-proxy play.
South Korea provides political support for a large user base, digital assets, and in particular, no spot bitcoin makes market fertile land for ETF-BTC-centric public firms, the company said. Similar strategies have received traction in Japan, where companies such as Metaplanet have seen an increase in share prices after pivying for bitcoins.
The Parataxis-Spak Deal will also allow the firm to expand its American Treasury operations and detect other “special conditions” investments. When successful, parataxis may become one of some publicly listed companies that offer direct and active risk to bitcoin outside the ETF structure.
The transaction is expected to stop the pending shareholder approval and the review from the Securities and Exchange Commission.
