Crypto investment startup Parataxis will raise $640 million after merging with SilverBox Corp IV to support BTC purchases.

On August 7th, The Block reported that crypto investment startup Parataxis Holdings will merge with SilverBox Corp IV SPAC, aiming to raise $640 million for a Bitcoin fund management company to be listed on the New York Stock Exchange (NYSE). Upon completion of the merger, the new company plans to list on the NYSE under the ticker symbol PRTX.

A statement from Parataxis Holdings stated: "The business combination will generate up to approximately $240 million in capital for Parataxis Holdings, subject to redemptions by SBXD (SilverBox Corp IV SPAC) shareholders. This includes $31 million in equity, which will be immediately used to purchase Bitcoin." Parataxis also stated that it has "entered into a share purchase agreement" allowing it to "issue and sell up to $400 million in equity," adding that the merger "could generate up to $640 million in gross proceeds to support the execution and acceleration of its BTC fund management strategy."

Previously, crypto investment startup Parataxis Holdings planned to go public through a SPAC transaction.