Crypto Giant Parataxis Makes Wall Street Play: $640M Bitcoin-Backed SPAC Merger to Go Public
Wall Street meets Satoshi's vision in a blockbuster deal that'll have traditional finance clutching their pearls.
Bitcoin as collateral gets its big-league moment
Parataxis isn't just going public—it's rewriting the IPO playbook. By merging with a SPAC using $640 million in Bitcoin as treasury backing, the crypto firm is giving middle fingers to both the SEC's paperwork gauntlet and the 'volatile asset' naysayers.
SPACs 2.0: Now with 100% more blockchain
The move proves two things: 1) Blank-check companies will literally merge with anything these days, and 2) Bitcoin's institutional adoption just leveled up. Watch as hedge funds suddenly 'discover' crypto's store-of-value narrative—right after their compliance departments approve it.
The closer:
A $640M bet that Bitcoin beats T-bills. Either this becomes the new gold standard for crypto M&A... or 2025's most entertaining corporate train wreck.
Parataxis Holdings’ merger with SBXD yields $640M
The union between Parataxis Holdings and SBXD provides approximately $240 million to the merger, subject to the redemption of SilverBox Corp IV (SBXD) shareholders. This sum will include around $31 million in equity, drawn from funds raised promptly for the BTC purchase. Moreover, the crypto asset manager has agreed to a share purchase agreement (the ELOC), enabling HoldCo to issue up to $400 million in equity. Combined, these actions could yield up to $640 million to execute and speed up the Bitcoin treasury strategy.
At the end of the merger, if each share is valued at $10, Parataxis HoldCo WOULD be worth about $400 million. If the full $400 million from the equity credit line is used at $10 per share, the total value will rise to $800 million. This assumes no investors withdraw before closing and no other funding is added.
Edward Chin, Founder and CEO of the crypto asset management firm, commented that the announcement has brought them closer to realizing their vision of creating a public company that provides differentiated exposure to Bitcoin via a disciplined institution that invests across underserved markets.
Chin acknowledged that after the close of the deal with SBXD, Parataxis Holdings will be well-positioned to execute the Bitcoin Treasury strategy in the U.S. He added that they will have a better footing to establish in South Korea with Parataxis Korea. He acknowledged SBXD’s support, mentioning that it has been an excellent partner throughout the process, and they look forward to continuing to work together.
Parataxis Holding Inc. joins the Bitcoin treasuries trend alongside Strategy
Joe Reece, the Founding Partner of SBXD and Co-managing Partner of SilverBox Capital, acknowledged Ed and the Parataxis Holding team for building a unique and highly scalable digital asset management platform.
The crypto asset managing firm and HoldCo’s securities to be issued in the transaction have not been registered under the Securities Act of 1993. Pending approval from the SEC, they may not be issued in the U.S.
The merger follows the ongoing institutional Bitcoin acquisition trend. Bitcoin treasury companies’ current total holdings are nearly $415 billion. In July, approximately 166,000 BTC was accumulated by Bitcoin Treasury companies, increasing total holdings to 3.64 million, which is worth $415.34 billion today.
Michael Saylor’s Strategy had amassed 31,466 BTC by July’s end, totaling 628,791 BTC. Bitcoin Standard Treasury Company, a more recent entrant, had accumulated 30,021 BTC, ranking fourth among public-listed treasuries. TRUMP Media and Technology Group held 18,430 BTC after their May capital raise. MARA holdings and XXX hold second and third positions, respectively, with 50,000 and 43,514 BTC.
Government holdings like the U.S. Treasury also accumulated 10 BTC, El Salvador 33 BTC, while Bhutan disposed of 776 BTC.
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