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Highlights
- Parataxis Holdings will acquire a controlling interest in Bridge Bio and then create a Bitcoin Treasury reserve through the firm.
- Parataxis will invest $18.5 million in the Biotech firm.
- The Biotech firm will become South Korea's first Bitcoin Treasury company
- The company plans to emulate companies like Strategy and Metaplanet.
Parataxis Holdings has revealed its plan to launch South Korea’s first Bitcoin Treasury company. The company plans to do so by acquiring a majority stake in the Biotech firm Bridge Bio, which would then hold the flagship crypto as a reserve asset.
Parataxis Holdings To Adopt Bitcoin Treasury Strategy
In a press release, the company announced plans to create a Bitcoin-native treasury platform in the South Korean public markets through its acquisition of a controlling stake in Bridge Biotherapeutics. Both firms have already entered into a definite agreement for this acquisition.
Parataxis Holdings will invest $18.5 million in the Biotech firm, which will provide a controlling interest in the company. Bridge Biotherapeutics’s corporate name will change to ‘Parataxis Korea’ following the close of the transaction. Meanwhile, the company will remain listed on the KOSDAQ. The deal is still subject to customary closing conditions, including approval by the company’s shareholders.
Andrew Kim, a partner at Parataxis, stated that this move is inspired by the growing interest in BTC treasury strategies seen in companies like Strategy in the US and Metaplanet in Japan.
Saylor’s Strategy is currently the public company with the largest Bitcoin holdings and recently acquired 10,100 BTC for $1.05 billion. Meanwhile, Metaplanet holds 10,000 BTC following its latest 1,112 Bitcoin purchase.
Kim further remarked that they see South Korea as an important market in the evolution of Bitcoin’s adoption. He added that they intend to support institutional access to BTC exposure while emphasizing sound corporate governance and disciplined capital management.
Parataxis Holdings CEO Edward Chin said,
We are incredibly excited to create the first BTC treasury company in South Korea backed by an institutional-grade platform. Given the strategic nature of BTC on the global stage and its finite supply, we believe that building and growing a company like Parataxis Korea and accumulating a BTC treasury will benefit our shareholders as well as the country over the long run
TradingView data shows that Bridge Bio’s stock is up just over 20% in the last 24 hours. The stock closed today’s trading at 943 South Korean won ($0.69). The stock is still down over 74% year-to-date (YTD).
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