Parataxis Holdings, an affiliate of the digital focus dedicated to the investment of Parataxis Capital Management, is set to launch a Bitcoin Treasury platform-the Korean public market.
The firm announced On June 20, it entered a specific agreement to invest 29 billion South Korea winning ($ 18.5 million) on the biotherapeutics bridge, a company exchanged by biotech.
Following the acquisition, Parataxis will take a control of interest in the firm, which will be renamed Parataxis Korea and repurposed as a Treasury vehicle for Bitcoin institutional (Btc) exposure.
“With the growing interest in BTC treasury techniques seen in companies such as US and Metaplanet approach to Japan, we believe the interest in the institution in this space is rising around the world,” said Andrew Kim, a partner in the parataxis capital. “We see South Korea as an important market in the evolution of BTC adoption.”
Kim added that the company’s intent is to support institutional access to Bitcoin while emphasizing proper corporate management and capital management.
Currently, funds exchanged by Bitcoin (ETF) exchanges and institutional crypto investments have been banned in South Korea.
However, the country’s Financial Services Commission (SFC) is allowed 3,500 corporations and professionals Investors to open the “real-name” accounts in the first half of 2025 as part of a pilot program aimed at gradually enableing institutional investments of digital assets.
Related: ‘Apple should buy Bitcoin,’ says Saylor, such as sharing sharing shares
The new Parataxis platform was announced within a week after the New York-headquartered firm announced plans to go public by A $ 200 million special acquisition Company, Cointelegraph reported on June 10.
Parataxis announcement came in the middle of a wave of corporate bitcoin adoption. More than 237 public companies now hold Bitcoin in their balance sheets, from 124 companies only weeks beforewhich represents about 3.96% of the total BTC supply, According to in bitcointreasuries.net.
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Stock rallies follow Treasury’s announcements
The Bridge Biotherapeutics’ stock increased by more than 20% in the sun -day chart following the acquisition news, According to In tradingview data. However, the stock of the biotech firm remains 74% year-to-date and more than 90% from five high-year-olds.
Established in 2015 and listed in the Korean Securities Dealer Automated Quotations in 2019, the biotherapeutics bridge will develop therapeutics for the treatment of ulcerative colitis, fibotic disease and cancer.
Earlier today, London -based London Firm Pri0r1ty Intelligence Group announced Plan to adopt Bitcoin as a reserve asset and payment solution without disclosing a direct investment in Bitcoin.
Following the announcement, the company’s stock price increased by more than 84% in the daily chart, reversing a person falling 32%, Google Finance Data displays.
Not all companies benefit equally. Gamestop sharing fell over 22% After the video game has increased its replaced note offering $ 2.25 billion, which some analysts are interpreted as a signal of additional crypto-related investment.
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