Following the lead of Technique and Japan’s Metaplanet, Parataxis is bringing Wall Avenue’s Bitcoin treasury technique 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 introduced 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 firm listed on South Korea’s KOSDAQ alternate. Edward Chin, Parataxis’ founder, and Andrew Kim, a associate at its affiliate Parataxis Capital, will be part of the board, with Kim stepping in as CEO.
Bitcoin’s company wave hits Korea
Parataxis Korea plans to deploy an institutional-grade Bitcoin treasury technique constructed round disciplined capital allocation, governance transparency, and long-term accumulation.
“We’re extremely excited to create the primary BTC treasury firm in South Korea backed by an institutional-grade platform. Given the strategic nature of BTC on the worldwide stage and its finite provide, we consider that constructing and rising an organization like Parataxis Korea and accumulating a BTC treasury will profit our shareholders in addition to the nation over the long term,” Chin said.
In accordance to Parataxis executives, the soon-to-be-renamed successor of Bridge Biotherapeutics will probably be structured as a hybrid to retain its biotech arm whereas including a BTC-centric monetary technique layered on high. James Jungkue Lee, co-founder of Bridge Bio, will lead the core biotech enterprise.
Parataxis is becoming a member of a longtime motion. The corporate factors to Technique’s large 582,000 BTC treasury and Metaplanet’s 10,000 BTC holdings as profitable precedents for his or her Korean enterprise.
And the pattern is rising: in accordance to Customary Chartered, at the least 61 publicly listed corporations not native to crypto have adopted Bitcoin treasury methods in current months, a quantity that has doubled since April, underscoring how BTC is rising instead, not speculative, reserve asset for established firms.
For all the passion, the technique isn’t with out dangers. Charles Schwab’s current evaluation warns that firms overexposed to Bitcoin threat liquidity crunches if costs plummet. Customary Chartered estimates a drop beneath $90,000 may wipe out half of company BTC treasuries.
