- Parataxis Holdings will launch a Bitcoin treasury platform by acquiring Bridge Biotherapeutics in South Korea.
- The investment totals $18.5 million for a controlling stake, transforming Bridge Biotherapeutics into Parataxis Korea.
- The move aims to give institutions access to Bitcoin as South Korea prepares for limited digital asset investment pilots.
- Bridge Biotherapeutics’ stock surged over 20% on the acquisition announcement but remains far below historic highs.
- Global corporate Bitcoin adoption is growing, with over 237 public companies now holding Bitcoin on their balance sheets.
Parataxis Holdings, affiliated with investment firm Parataxis Capital Management, has announced plans to create a Bitcoin-based treasury platform in South Korea. The company will invest $18.5 million to acquire a controlling stake in publicly traded Bridge Biotherapeutics, with the aim of offering institutional access to Bitcoin.
After the purchase, Bridge Biotherapeutics will be renamed Parataxis Korea and focus on serving as a treasury vehicle for Bitcoin exposure. According to the official statement, the firm’s intent is to support institution-level Bitcoin investment while ensuring “sound corporate governance and disciplined capital management.”
“Inspired by the growing interest in BTC treasury strategies seen in companies like Strategy in the US and Metaplanet in Japan, we believe institutional interest in this space is increasing globally,” said Andrew Kim, Partner at Parataxis Capital. He described South Korea as a key market as Bitcoin adoption accelerates worldwide.
South Korea currently bans Bitcoin exchange-traded funds (ETFs) and most institutional crypto investments. However, the country’s Financial Services Commission plans to allow about 3,500 firms and investors to open “real-name” investment accounts in the first half of 2025, as part of a test initiative to ease digital asset access.
This development follows broader corporate interest in Bitcoin holdings. According to BitcoinTreasuries.NET, over 237 public companies now hold Bitcoin on their balance sheets, up from 124 weeks earlier, covering roughly 4% of the total supply.
Stock prices responded strongly to these announcements. Bridge Biotherapeutics shares rose more than 20% on the day, TradingView data shows, but remain 74% lower year-to-date. In a similar move, London-based Pri0r1ty Intelligence Group announced plans to use Bitcoin as a reserve and saw its stock jump by 84% after the update, according to Google Finance.
Not all firms saw increases. Shares of GameStop declined after the retailer announced a larger convertible note offering, which some analysts interpreted as a hint of future crypto-related activity.
Bridge Biotherapeutics was founded in 2015 and previously focused on therapies for several diseases before this acquisition plan.
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