Bitcoins
Parataxis Holdings, an affiliate of digital asset-focused investment company Parataxis Capital Management, is set to launch a Bitcoin-native treasury platform in the South Korean public market.
The firm announced on Friday it had entered a definitive agreement to invest 25 billion South Korean won ($18.5 million) into Bridge Biotherapeutics, a publicly traded biotech company.
Following the acquisition, Parataxis will take a controlling interest in the firm, which will be renamed Parataxis Korea and repurposed as a treasury vehicle for institutional Bitcoin (BTC) exposure.
“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. “We see South Korea as an important market in the evolution of BTC adoption.”
Kim added that the firm’s intent is to support institutional access to Bitcoin while emphasizing sound corporate governance and disciplined capital management.
Currently, Bitcoin exchange-traded funds (ETFs) and institutional crypto investments are banned in South Korea.
However, the country’s Financial Services Commission (SFC) has allowed 3,500 corporations and professional investors to open “real-name” accounts in the first half of 2025 as part of a pilot program aiming to gradually enable institutional digital asset investments.
Related: ‘Apple should buy Bitcoin,’ Saylor says, as share buyback disappoints
Parataxis’ new platform was announced over a week after the New York-headquartered firm announced plans to go public through a $200 million special acquisition company, Cointelegraph reported on June 10.
The Parataxis announcement comes amid a wave of corporate Bitcoin adoption. More than 237 public companies now hold Bitcoin on their balance sheets, up from 124 firms just weeks earlier, representing roughly 3.96% of the total BTC supply, according to BitcoinTreasuries.NET.
Related: Nasdaq-listed Mercurity Fintech to raise $800M for Bitcoin treasury
Bitcoins Stock rallies follow treasury announcements
Bridge Biotherapeutics’ stock rose more than 20% on the daily chart following news of the acquisition, according to TradingView data. However, the biotech firm’s stock remains down 74% year-to-date and over 90% from its five-year high.
Founded in 2015 and listed on the Korean Securities Dealers Automated Quotations in 2019, Bridge Biotherapeutics develops therapeutics for the treatment of ulcerative colitis, fibrotic diseases and cancer.
Earlier today, London-based artificial intelligence solutions firm Pri0r1ty Intelligence Group announced plans to adopt Bitcoin as a reserve asset and payment solution without disclosing a direct Bitcoin investment.
Following the announcement, the firm’s stock price rose over 84% on the daily chart, reversing its one-year downtrend of 32%, Google Finance data shows.
Not all companies are benefiting equally. GameStop shares fell more than 22% after the video game retailer increased its convertible note offering to $2.25 billion, which some analysts interpreted as a signal of further crypto-related investments.
Magazine: Arthur Hayes $1M Bitcoin tip, altcoins ‘powerful rally’ looms: Hodler’s Digest, May 11 – 17
Cointelegraph by Zoltan Vardai Read More