Parataxis Holdings has announced a merger agreement with special purpose acquisition company SilverBox Corp IV to raise up to $640 million. The transaction will facilitate Parataxis’s public listing on the New York Stock Exchange under the ticker symbol ‘PRTX’.
Proceeds from the SPAC merger will primarily fund Bitcoin reserve acquisitions and support market expansion initiatives in South Korea. The business combination is expected to deliver approximately $240 million to advance Parataxis’s long-term Bitcoin strategy.
The company is leveraging South Korea’s high cryptocurrency trading volumes through its established subsidiary Parataxis Korea, formed following an investment in Bridge Biotherapeutics. This strategic foothold aims to capitalize on regional market opportunities.
This move aligns with a growing trend of cryptocurrency firms accessing public markets via SPAC mergers. Circle Internet Group previously demonstrated the potential of this approach with a 420% share price surge post-IPO.