Korean biotech firm bought by Parataxis for Bitcoin treasury use

4 hours ago

Parataxis Holdings, an affiliate of integer asset-focused concern steadfast Parataxis Capital Management, is acceptable to motorboat a Bitcoin-native treasury level successful the South Korean nationalist market.

The steadfast announced connected June 20 that it had entered a definitive statement to put 29 cardinal South Korean won ($18.5 million) into Bridge Biotherapeutics, a publically traded biotech company.

Following the acquisition, Parataxis volition instrumentality a controlling involvement successful the firm, which volition beryllium renamed Parataxis Korea and repurposed arsenic a treasury conveyance for organization Bitcoin (BTC) exposure.

“Inspired by the increasing involvement successful BTC treasury strategies seen successful companies similar Strategy successful the US and Metaplanet successful Japan, we judge organization involvement successful this abstraction is expanding globally,” said Andrew Kim, Partner astatine Parataxis Capital. “We spot South Korea arsenic an important marketplace successful the improvement of BTC adoption.”

Kim added that the firm’s intent is to enactment organization entree to Bitcoin portion emphasizing dependable firm governance and disciplined superior management.

Currently, Bitcoin exchange-traded funds (ETFs) and organization crypto investments are banned successful South Korea.

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However, the country’s Financial Services Commission (SFC) has allowed 3,500 corporations and professional investors to unfastened “real-name” accounts successful the archetypal fractional of 2025 arsenic portion of a aviator programme aiming to gradually alteration organization integer plus investments.

Parataxis’ caller level was announced implicit a week aft the New York-headquartered steadfast announced plans to spell nationalist done a $200 cardinal peculiar acquisition company, Cointelegraph reported connected June 10.

The Parataxis announcement comes amid a question of firm Bitcoin adoption. More than 237 nationalist companies present clasp Bitcoin connected their equilibrium sheets, up from 124 firms conscionable weeks earlier, representing astir 3.96% of the full BTC supply, according to BitcoinTreasuries.NET.

Stock rallies travel treasury announcements

Bridge Biotherapeutics’ banal roseate much than 20% connected the regular illustration pursuing quality of the acquisition, according to TradingView data. However, the biotech firm’s banal remains down 74% year-to-date and implicit 90% from its five-year high.

Founded successful 2015 and listed connected the Korean Securities Dealers Automated Quotations successful 2019, Bridge Biotherapeutics develops therapeutics for the attraction of ulcerative colitis, fibrotic diseases and cancer.

Earlier today, London-based artificial quality solutions steadfast Pri0r1ty Intelligence Group announced plans to follow Bitcoin arsenic a reserve plus and outgo solution without disclosing a nonstop Bitcoin investment.

Following the announcement, the firm’s banal terms roseate implicit 84% connected the regular chart, reversing its one-year downtrend of 32%, Google Finance information shows.

Not each companies are benefiting equally. GameStop shares fell much than 22% aft the video crippled retailer accrued its convertible enactment offering to $2.25 billion, which immoderate analysts interpreted arsenic a awesome of further crypto-related investments.