The Bitcoin investment platform Parataxis Holdings is seeking to go public through a merger with a special purpose acquisition company (SPAC) valued at $200 million.
On Monday, the SPAC SilverBox Corp IV, listed on the New York Stock Exchange, signed a non-binding letter of intent with Parataxis Holdings LLC. The latter is a subsidiary of Parataxis Capital Management, a digital asset investment company established in 2019.
SilverBox Corp IV is a subsidiary of SilverBox Capital LLC, which was founded in 2020 to provide alternative investment management services and initiate SPACs.
The proposed merger indicates a growing interest among institutional investors in Bitcoin (BTC) and other cryptocurrencies.
According to the announcement, if the merger proceeds smoothly, it will bring Parataxis's Bitcoin-focused investment platform to the public market, with the new company concentrating on institutional-level Bitcoin (BTC) and crypto investments.
The target clients are institutional investors seeking exposure to Bitcoin through proprietary strategies, as the company aims to capitalize on the increasing demand for Bitcoin as a "treasury and strategic asset."
Joe Reece, co-managing partner of SilverBox Capital, stated that the merger represents an opportunity to bring a "unique and highly scalable digital asset management platform to the public market."
Initial focus includes a transaction being developed in South Korea, which the parties describe as an "underserved market with significant demand for digital assets that can be met by launching the proposed platform."
The deal is still in its early stages, currently only having a letter of intent with standard disclaimers, and a final agreement has not yet been reached, meaning the transaction may not be completed. Cloud-native multi-asset clearing and portfolio management platform Clear Street is the chief financial advisor.
SilverBox completed a $200 million initial public offering in August 2024, and its stock is currently listed on the New York Stock Exchange under the ticker "SBXD."
However, its performance has been relatively weak, rising only 6.5% since the beginning of the year, with the largest gains occurring in the past few days following the announcement of the SPAC merger.
Anthony Pompliano's fintech SPAC, ProCap Acquisition Corp, debuted on Nasdaq on May 20.
Since its launch, ProCap Acquisition Corp's stock has performed well, reaching an all-time high of $11.35 on June 9, up 5.5% from its launch.
A SPAC is a company that raises funds through an initial public offering with the sole purpose of acquiring or merging with another business within a specified timeframe.
Related: Nasdaq-listed fintech company Netcapital acquires crypto-native protocol Mixie
Original article: “Crypto platform Parataxis plans to go public via SPAC merger”
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