Bitcoin Investment Platform, Parataxis Holdings, is about to go public through a merger with a $200 million special acquisition company.
Registered on the New York Stock Exchange, SPAC Silverbox Corp IV has signed a non-binding letter of intent with Parataxis Holdings LLC, an affiliate of Parataxis Capital Management, a digital asset investment company founded in 2019.
Silverbox Corp IV is an affiliate of Silverbox Capital LLC, established in 2020 to provide alternative investment management services and sponsored SPACS.
The proposed merger shows an increasing interest in institutional investors in Bitcoin and other cryptocurrencies.
According to the announcement, the merger brings Parataxis’ Bitcoin-centric investment platform to the open market, with the new company focusing on facility-grade Bitcoin (BTC) and crypto investments.
The target client is an institutional investor seeking Bitcoin exposure through its own strategy, and the company aims to leverage the increased demand for Bitcoin as a “financial and strategic assets.”
Publicly available “highly scalable” cryptographic platform
Joe Reece, co-management partner at Silverbox Capital, said the merger “represents the opportunity to introduce a unique and highly scalable digital asset management platform into the open market.
The initial focus includes an ongoing transaction in Korea, where parties are described as “a market that is not receiving services with significant digital asset needs that can be met with the launch of the proposed platform.”
Related: Trump Media executives could buy crypto companies in search of $179 million through new SPAC
The transaction may not be closed on a letter of intent with the standard disclaimer that the transaction is still in its early stages and there is no definitive agreement yet. Clear Street, a cloud-native platform for multi-asset clearing and portfolio management, is the lead financial advisor.
Silver Box stocks move
Silverbox completed its initial public offering of $200 million in August 2024, and its shares are currently trading on NYSE under the ticker “SBXD.”
However, this has been slowing performance with just 6.5% acquisition since the start of the year, and the SPAC Merger News has broken, resulting in the biggest profits in the last few days.
Pomp’s Crypto Spac works well
Procap Acquisition Corp, an fintech-focused SPAC from Anthony Pulliano, debuted on Nasdaq on May 20th.
Procap Acquisition Corp’s shares rose 5.5% since launch at a record high of $11.35 on June 9th.
SPAC is a company that procures through an IPO with the sole purpose of acquiring or combining another business within a set time frame.
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