The digital asset investment management company Parataxis is the latest cryptocurrency company to announce its plans to go public through a special purpose acquisition company (SPAC).
Parataxis stated on Wednesday that it has agreed to merge with SilverBox Corp IV, a SPAC sponsored by an affiliate of SilverBox Capital. The deal "could provide up to $640 million in total proceeds" to fund its Bitcoin (BTC) treasury strategy.
Upon completion of the transaction, the merged company will be named Parataxis Holdings and will seek to trade on the New York Stock Exchange under the ticker "PRTX," with an implied equity value of up to $800 million based on a $10 per share calculation.
The deal was initially proposed in June and includes $240 million from the merger and up to $400 million obtained through additional equity credit lines, with $31 million immediately raised for the purchase of Bitcoin.
Parataxis founder and CEO Edward Chin stated that this transaction means his company "will have ample capital to execute BTC treasury strategies in the U.S. and will be enhanced by the revenue-generating capabilities of an institutional asset management firm."
The company also plans to establish and develop a "successful foothold" in South Korea to offer similar BTC yield strategies to investors.
They have already established "Parataxis Korea" through an investment in Bridge Biotherapeutics, with the company's stock price rising approximately 4.5 times since the announcement in June.
This move follows several well-known cryptocurrency companies going public independently or through SPACs—SPACs are public companies that acquire or merge with private companies to take them public.
USDC stablecoin issuer Circle Internet Group conducted its initial public offering (IPO) in June, with its stock price soaring 420% from the IPO price of $31.
Anthony Pompliano's fintech-focused SPAC—ProCap Acquisition Corp debuted on Nasdaq on May 20, while cryptocurrency asset management firm Grayscale applied for public listing in July.
SilverBox Corp IV's stock price has seen a slight increase this year, retreating from a historical high of $11.20 in June, and has risen 5% since January.
Most of the company's gains this year occurred around the initial disclosure of plans to take Parataxis public. It closed on Wednesday at $10.60, with a slight increase of 1.7% to $10.78 in after-hours trading.
Related: Satsuma secures $218 million in funding, including $125 million in Bitcoin (BTC) to advance treasury strategy
Original article: “Parataxis to go public with SilverBox through $640 million SPAC merger”
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