Crypto Asset Manager Parataxis to Go Public in SPAC Merger, $640M BTC Treasury in Focus
Main Idea
Crypto asset manager Parataxis Holdings is set to go public through a SPAC merger with SilverBox Corp IV, raising up to $640 million, with $31 million allocated for immediate BTC purchases.
Key Points
1. The SPAC merger will deliver up to $240 million to Parataxis Holdings, including $31 million in equity for immediate BTC purchases.
2. The combined company, named Pubco, will trade under the ticker 'PRTX' on the NYSE and is valued at $400 million.
3. Parataxis CEO Edward Chin stated the deal will enable the firm to execute a BTC treasury strategy in the US and expand into South Korea.
4. The merger aligns with a trend of companies adopting Bitcoin treasury strategies, exemplified by MicroStrategy, with corporate buyers and Wall Street investors adding over 166,000 BTC in July.
5. The total BTC holdings tracked by Bitcoin Treasuries reached 3.64 million BTC, worth $428 billion at the end of July.
Description
Parataxis Holdings, an institutional digital asset manager, has confirmed a SPAC merger with SilverBox Corp IV to raise up to $640 million for a NYSE-listed Bitcoin treasury company. The combined firm will be named Pubco and will trade under the ticker “PRTX,” an official release noted. SPAC Earmarks $31M for BTC Purchase The special purpose acquisition company (SPAC) deal will deliver up to $240 million to Parataxis Holdings, subject to shareholder redemptions. “This includes $31 million of equ...
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