Parataxis has reached a $640 million SPAC merger with SilverBox IV to create a Bitcoin reserve company listed on the NYSE and enter the South Korean market.

Digital asset management company Parataxis Holdings and special purpose acquisition company SilverBox Corp IV announced that they have reached a SPAC merger agreement to create a Bitcoin reserve company valued at $640 million, which will be listed on the NYSE under the code: PRTX. The transaction will inject up to $64 million in funding for the Bitcoin reserve strategy, with $31 million allocated for immediate purchase of BTC, and a $400 million equity credit financing limit established. After the merger, the company will focus on developing the Bitcoin reserve market in the United States and South Korea.

SPAC Merger Details and Use of Funds According to the official press release, the merger transaction between Parataxis Holdings and SilverBox Corp IV (SBXD) is expected to bring a total revenue of up to $640 million for the new entity. These funds will be specifically used to support a company that is listed on the New York Stock Exchange (NYSE) and focuses on Bitcoin reserve strategies.

The key allocation of funds is as follows:

• Buy Bitcoin Now: The equity worth 31 million dollars in the transaction will be directly used to purchase Bitcoin (BTC), initiating reserves.
• Equity Credit Financing ( ELOC ): The merger includes a stock purchase agreement that allows the new company to issue up to $400 million in stock in the form of equity credit financing ( ELOC ), providing flexible funding support for subsequent operations and increasing Bitcoin holdings.

This merger news stimulated the stock price of SilverBox Corp IV (SBXD) to rise 1.32% in after-hours trading. As of August 7, its stock price was $10.74, reversing a decline of 3.37% since early July.

Market Layout: Targeting Bitcoin Reserves in the US and South Korea Through this SPA merger, Parataxis will gain the qualification to be publicly listed on the New York Stock Exchange under the stock code PRTX, thereby accessing the U.S. capital markets. At the same time, the merger also allows SilverBox to enter the South Korean market through Parataxis.

Parataxis has clearly identified South Korea as an important front in its Bitcoin reserve strategy:

• Establish a Bitcoin Reserve Platform in South Korea: The press release indicates that the merger will ultimately result in a Bitcoin reserve company specifically targeting the U.S. and South Korean markets.
• Acquisition of South Korean Company Lays the Foundation: In June 2025, Parataxis acquired the South Korean biotechnology company Bridge Biotherapeutics Inc. and renamed it Parataxis Korea, aiming to create the first Bitcoin reserve platform in South Korea.
• Favorable Policy Environment: South Korean President Lee Jae-myung recently expressed support for cryptocurrency and promised to promote the legalization of spot Bitcoin ETFs within the year, creating favorable conditions for the development of digital assets in South Korea.

Debt Status Statement

• SilverBox Corp IV Debt: According to its Form 10-K filed with the United States Securities and Exchange Commission (SEC) for December 2024, SilverBox Corp IV will not carry over any residual debt into this SPAC transaction. Although there was a report of $109,000 in current liabilities and capital lease obligations as of June 2024 (stemming from unpaid founder notes), the company confirms that this debt has been fully repaid in the first quarter of 2025, and the latest balance sheet shows no related liabilities.
• Parataxis Debt: The public press release or summary does not mention that Parataxis holds any long-term debt, bank loans, or public bond obligations. The only financing arrangement involved is the $400 million equity credit financing (ELOC) mentioned in the press release.
  • Description of ELOC Nature: It should be noted that equity credit financing ( ELOC ) is not traditional debt. It is a credit arrangement that grants Parataxis the flexibility to issue shares as needed to raise operating funds and increase holdings of Bitcoin, without incurring interest burdens.

[Conclusion] This SPAC merger worth 640 million dollars marks an important step for the Bitcoin reserve company model towards the public capital market. Parataxis, leveraging the listing platform of SilverBox IV, has landed on the New York Stock Exchange and is actively laying out a strategy in the local market through its South Korean subsidiary, attempting to replicate the success of the "Metaplanet model" in Asia. The immediate Bitcoin purchase of up to 31 million dollars and a 400 million dollar equity credit line demonstrate its determination to accumulate BTC on a large scale. Against the backdrop of a mature operation of the Bitcoin spot ETF in the United States and a policy shift in South Korea towards support, whether the newly formed PRTX company can leverage institutional capital inflow into Bitcoin reserves from both the U.S. and South Korea will be a key case to observe the evolution of the trend of Bitcoin being incorporated into corporate balance sheets. Whether South Korea can produce a local Bitcoin reserve giant is also worth the market's continued attention.