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Parataxis Holdings, an institutional digital asset manager, has confirmed a SPAC merger with SilverBox Corp IV to raise up to $640 million for a NYSE-listed Bitcoin treasury company. The combined firm will be named Pubco and will trade under the ticker “PRTX,” an official release noted. SPAC Earmarks $31M for BTC Purchase The special purpose acquisition company (SPAC) deal will deliver up to $240 million to Parataxis Holdings, subject to shareholder redemptions. “This includes $31 million of equity that will be funded immediately to purchase BTC,” the company said. Further, the deal values the combined company at $400 million, at a $10 share price. The share purchase agreement will give Pubco the flexibility to raise additional capital as needed to support the continued accumulation of BTC, it added. According to Parataxis CEO Edward Chin, the deal would make the new entity “well capitalised” to execute a BTC treasury strategy in the US. “We will also be ideally positioned to further establish and grow our successful foothold in South Korea with Parataxis Korea,” Chin said. Bitcoin Treasury Model Uptick The SPAC merger follows several other companies’ models in pursuing a Bitcoin treasury strategy, led by Michael Saylor’s Strategy (formerly MicroStrategy). Corporate buyers and Wall Street investors have added more than 166,000 Bitcoin in July. Per Bitcoin Treasuries data , the total BTC holdings, including publicly traded companies and exchange-traded products, increased to 3.64 million BTC worth $428 billion at month-end. “Today’s announcement brings us closer to realizing our vision of creating a publicly listed entity that delivers differentiated exposure to Bitcoin via a disciplined, institutional platform investing across underserved growth markets,” CEO Edward Chin added. Besides, the SPAC deal will specifically allow the firm to expand its BTC treasury strategy in the US and South Korean markets.