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Parataxis Holdings to Create South Korea’s First Bitcoin Treasury Company
- Parataxis Holdings LLC is set to acquire a controlling interest in South Korean biotech company Bridge Biotherapeutics, Inc., for KRW 25 billion ($18.3 million), establishing South Korea’s first Bitcoin treasury company.
- The acquisition will involve renaming Bridge Biotherapeutics to Parataxis Korea, maintaining its presence on the KOSDAQ exchange, pending shareholder approval.
- Parataxis Holdings' Founder and CEO, Edward Chin, will join Bridge Bio’s Board of Directors, with Andrew Kim from Parataxis Capital becoming CEO.
- The move signifies a shift for Bridge Biotherapeutics from a traditional biotech firm to a hybrid company focusing on both therapeutic development and Bitcoin treasury management.
- The goal is to facilitate institutional access to Bitcoin while upholding strong corporate governance standards and capital management.
- South Korea is viewed as a significant market for Bitcoin adoption, and regulatory advancements could make it an ideal locale for ventures like Parataxis Korea.
- Edward Chin emphasized the strategic importance of the Bitcoin treasury venture, foreseeing benefits for shareholders and the country in the long term.
- The transaction is slated to finalize post shareholder approval, with legal and financial guidance provided by Shin & Kim LLC and Deloitte.
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