Parataxis Korea Aims to Mirror Strategy & Metaplanet’s Bitcoin Success in South Korea

South Korea's crypto scene braces for déjà vu as Parataxis Korea eyes a carbon-copy play of Strategy and Metaplanet's Bitcoin blueprint.

Why it matters: The move signals growing institutional FOMO—yet another finance giant scrambling to catch the orange-pill wave after dismissing it for years.

The playbook: Expect treasury allocations, bullish press leaks, and that inevitable 'strategic pivot' tweetstorm. Just don't mention the 2022 portfolios.

Between the lines: This isn't innovation—it's survival. Traditional finance's 0.5% yield world just got outflanked by a 12-year-old software protocol.

Parataxis Capital switches to BTC maximalism

Parataxis Holdings is an affiliate of Parataxis Capital, a multi-strategy investment company with an interest in crypto projects. The firm is categorized as a Tier-4 investment fund, participating in just nine funding rounds. 

The last investment of Parataxis was in ZTX, a Web3 metaverse project. Based on its previous forays into older Web3 trends such as governance and NFT marketplaces, Parataxis achieved minimal returns on its investments. 

Following the recent trend of reverse mergers and equity-financed BTC treasuries, Parataxis found a suitable public company, though for now without announcing any plans for equity or debt issuance. 

Bridge Biotherapeutics was distressed before the acquisition

Bridge Biotherapeutics shows a similar trading story to Eyenovia, an ophthalmology company that pivoted to a BTC treasury strategy. 

Bridge Biotherapeutics saw its stock crash in April, erasing over 76% of its value. The company faced a significant reduction in revenues, losing 96.7% of income on one of its leading licensed drugs.

The biotech firm was founded in 2015 and became public in 2019. The company has a relatively risky model with clinical-stage drugs, focusing on development and commercial distribution of specialized drugs. 

A total of 131 public companies and 29 private firms hold BTC in dedicated treasuries. However, not all public companies follow the Strategy playbook. BTC acquisitions depend on the availability of liquidity and demand for buying the company’s stock. 

In the case of Bridge Biotherapeutics, the stock price rallied in the past 30 days, rising rapidly following the shift to a BTC strategy. Despite this, the stock price remains NEAR its all-time low and is still far from the recent peak valuation.

Building a BTC strategy is no guarantee for sustainable stock growth, despite the rapid short-term gains.

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