Parataxis to go public in $640M SPAC merger with Silverbox
Main Idea
Bitcoin asset manager Parataxis will go public via a $640 million SPAC merger with SilverBox Corp IV, aiming to fund a Bitcoin treasury and expand its operations in the US and South Korea.
Key Points
1. Parataxis agreed to merge with SilverBox Corp IV, a SPAC, in a deal that could provide up to $640 million in gross proceeds.
2. The merger includes $240 million from the deal and up to $400 million through an additional equity line of credit, with $31 million immediately raised to purchase Bitcoin.
3. Parataxis plans to establish a Bitcoin treasury strategy in the US and expand into South Korea, offering BTC yield strategies to investors.
4. The company has already set up 'Parataxis Korea' through an investment in a Korean biotech firm.
5. The move follows other high-profile crypto companies going public via SPACs or IPOs, such as Circle Internet Group and Grayscale.
Description
Bitcoin asset manager Parataxis will go public via a SPAC deal that could see up to $640 million in gross proceeds to fund a Bitcoin treasury.
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