Parataxis Capital is set to go public through a merger with SilverBox Corp IV in a deal that could deliver up to $640 million in capital, according to a definitive agreement announced August 7.
The New York-based firm, known for its digital asset strategies and Bitcoin yield-generation vehicles, has structured the deal to accelerate its direct BTC treasury operations. Per the investor presentation filed with the SEC, $31 million in capital has already been committed to initial Bitcoin purchases, which Parataxis plans to custody prior to closing. The firm expects the transaction to close in Q4 2025 pending regulatory approval.
As part of its global expansion, Parataxis made a strategic pivot into South Korea through the ₩25 billion acquisition of Bridge Biotherapeutics in June. The deal, valued at $18.5 million at the time, converted the biotech firm into a regional operating subsidiary now called Parataxis Korea. The unit aims to serve as a BTC treasury and investment vehicle in a jurisdiction where institutional investors face restricted access to spot Bitcoin ETFs.
The agreement gives Parataxis optionality in capital drawdown through its equity line with CF Principal Investments, with specific terms yet to be disclosed. The structure could mitigate SPAC redemption risk, though it introduces future dilution potential for shareholders depending on deployment pacing and market conditions.
Pending approval of the Form S-4 registration statement, the combined entity is targeting a Q4 listing as PRTX. The firm plans to expand Bitcoin purchasing both in the US and via its Korean subsidiary, positioning itself to bridge Western capital flows with Eastern market demand constrained by policy. The transaction, if completed on its stated terms, would place Parataxis among the best-capitalized Bitcoin-native companies in public markets.
