Digital asset manager Parataxis has entered into an agreement for a public listing through a merger with special purpose acquisition company SilverBox Corp IV. The $640 million transaction aims to fund Parataxis’ strategic Bitcoin treasury initiative and facilitate expansion into the South Korean market.
Upon completion of the SPAC deal, the combined entity will trade on the New York Stock Exchange under the ticker symbol ‘PRTX’, with an implied equity valuation reaching up to $800 million. The capital infusion will primarily support the firm’s Bitcoin accumulation strategy alongside establishing operational capabilities in Seoul through its newly formed subsidiary, Parataxis Korea.
The Korean subsidiary will offer institutional and retail investors Bitcoin yield-generation strategies, capitalizing on growing regional demand for cryptocurrency investment products. This SPAC merger follows a broader industry pattern of crypto firms pursuing public listings, exemplified by similar recent moves from Circle Internet Group and ProCap Acquisition Corp.
Market reaction to the announcement appears cautiously positive, with SilverBox Corp IV shares closing at $10.60 before seeing a marginal after-hours increase to $10.78. The SPAC’s stock has recorded minor gains throughout the year ahead of the merger disclosure.