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

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

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 used immediately to purchase Bitcoin." Parataxis also stated that it "has signed a share purchase agreement" allowing it to "issue and sell up to $400 million in equity," adding that the combined move "may generate up to $640 million in gross proceeds to support the execution and acceleration of the BTC fund management strategy."

Earlier news reported that crypto investment startup Parataxis Holdings plans to go public through a SPAC transaction.