Parataxis seals $18m deal to launch Bitcoin treasury on KOSDAQ

Following the lead of Strategy and Japan’s Metaplanet, Parataxis is bringing Wall Street’s Bitcoin treasury strategy to Korea with an $18 million takeover of Bridge Bio, signaling deeper institutional crypto penetration. In a press release on June 20, Parataxis Holdings LLC announced its acquisition of a controlling stake in Bridge Biotherapeutics for KRW 25 billion (about $18 million). The deal, pending shareholder approval, will see the biotech outfit rebranded as Parataxis Korea, a publicly traded, Bitcoin ( BTC )-native treasury company listed on South Korea’s KOSDAQ exchange. Edward Chin, Parataxis’ founder, and Andrew Kim, a partner at its affiliate Parataxis Capital, will join the board, with Kim stepping in as CEO. You might also like: Bank of England Governor casts doubt on the case for retail CBDC Bitcoin’s corporate wave hits Korea Parataxis Korea plans to deploy an institutional-grade Bitcoin treasury strategy built around disciplined capital allocation, governance transparency, and long-term accumulation. “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,” Chin stated. According to Parataxis executives, the soon-to-be-renamed successor of Bridge Biotherapeutics will be structured as a hybrid to retain its biotech arm while adding a BTC-centric financial strategy layered on top. James Jungkue Lee, co-founder of Bridge Bio, will lead the core biotech business. Parataxis is joining an established movement. The company points to Strategy’s massive 582,000 BTC treasury and Metaplanet’s 10,000 BTC holdings as successful precedents for their Korean venture. And the trend is growing: according to Standard Chartered, at least 61 publicly listed firms not native to crypto have adopted Bitcoin treasury strategies in recent months, a number that has doubled since April, underscoring how BTC is emerging as an alternative, not speculative, reserve asset for established companies. For all the enthusiasm, the strategy isn’t without risks. Charles Schwab’s recent analysis warns that companies overexposed to Bitcoin risk liquidity crunches if prices plummet. Standard Chartered estimates a drop below $90,000 could wipe out half of corporate BTC treasuries. Read more: CZ warns of AI deepfakes as more execs fall victim to Lazarus-linked zoom hacks

Source: crypto.news