Parataxis to Raise $640M via SPAC for NYSE Bitcoin Treasury
Parataxis Holdings is merging with SilverBox Corp IV in a SPAC merger to form a NYSE-listed Bitcoin treasury company valued at up to $640 million. Under the SPAC merger agreement, $31 million of gross proceeds will be deployed immediately to acquire Bitcoin, while an equity line of credit of up to $400 million will fund further BTC accumulation. The deal will list the combined entity on the New York Stock Exchange under the ticker PRTX, granting Parataxis access to U.S. capital markets and enabling SilverBox to expand its Bitcoin treasury operations in South Korea through Parataxis Korea, formerly Bridge Biotherapeutics. SilverBox’s shares rose 1.32% to $10.74 following the announcement, reversing a 3.37% decline since July. The SPAC merger carries no outstanding debt from SilverBox, as its prior $109,000 promissory note was repaid by Q1 2025. Parataxis holds no long-term liabilities beyond the equity line, positioning the firm for aggressive Bitcoin treasury growth in key markets.
Bullish
The announcement is bullish for the cryptocurrency market as the SPAC merger will inject up to $640 million into a publicly listed Bitcoin treasury, driving significant BTC demand. Historical parallels include MicroStrategy and Tesla, whose corporate Bitcoin treasury strategies boosted institutional interest and supported price appreciation. In the short term, the initial $31 million purchase and the $400 million equity line of credit signal immediate and sustained buying pressure. Long term, the NYSE listing under PRTX and expansion into South Korea’s emerging crypto market may attract additional institutional investors, enhancing market stability and liquidity. Moreover, the clean balance sheets of both companies reduce financial risk, reinforcing positive sentiment among traders.