The Digital Asset Investment Management Company Parataxis is the last cryptography company announcing that it will be published public thanks to a merger of acquisition companies for special purposes (SPAC).
Parataxis said on Wednesday that it agreed to merge with Silverbox Corp IV, a spac spacled by a subsidiary of Silverbox Capital, in an agreement “could provide up to $ 640 million in gross product” to finance a Bitcoin (BTC) cash strategy.
Once the agreement is completed, the combined company will be appointed Parataxis Holdings and will seek to negotiate on the New York Stock Exchange under the “PRTX” symbol with an implicit capital value of up to $ 800 million to $ 10 per share.
The agreement was originally launched in June and includes $ 240 million from the merger and up to $ 400 million thanks to an additional credit line, with $ 31 million immediately collected to buy Bitcoin.
South Korea expansion
The founder and CEO of Parataxis, Edward Chin, said that the agreement means that his company “will be well capitalized to execute a BTC cash strategy in the United States, reinforced by the production capacities of elements of an institutional asset manager”.
The company also plans to establish and develop a “successful base in South Korea”, offering BTC return strategies similar to investors.
In relation: Korean biotechnology center bought by parataxy for the use of Bitcoin treasure
They have already established “Parataxis Korea” thanks to an investment in Bridge Biotherapeutics, whose course of action has increased by around 4.5 times since the June announcement.
The year of Crypto Stock Exchange
This decision follows a certain number of high -level cryptographic companies which have become public by themselves or through Spaces – public companies that acquire or merge with a private enterprise to bring it public.
USDC Stablecoin Issueer Circle Internet Group obtained its first public call in public (IPO) in June, and its shares jumped 420% compared to the $ 31 IPO.
The SPAC focused on the fintech of Anthony Pose-Fininte, ProCap Acquisition Corp, made its debut on the Nasdaq on May 20, and the director of assets of Crypto Grayscale filed a public inscription in July.
Minor gains for Silverbox Corp IV
Silverbox Corp IV’s shares have carried out minor gains this year, down compared to a summit of $ 11.20 in June to display gains of 5% since January.
Most of the company’s earnings this year have occurred in the midst of its initial disclosure to take over the PAUTAXIS public. He closed Wednesday exchanging flat at $ 10.60, seeing a slight gain of 1.7% after hours at $ 10.78.
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