Parataxis Acquires Korean Biotech Firm to Launch Bitcoin Treasury Operations

Parataxis Holdings, an investment company specializing in digital assets, particularly bitcoin (BTC), plans to establish a Bitcoin-native platform in the South Korean public market. 

According to an official announcement, the company has entered into a definitive agreement to invest 25 billion South Korean won ($18.5 million) with Bridge Biotherapeutics, a clinical-stage biotechnology company focused on developing novel therapies for diseases.

Parataxis Secures Majority Stake 

Following the latest acquisition, Parataxis Holdings will have a controlling interest in the company. It also plans to rename the firm as Parataxis Korea and remain listed on the KOSDAQ.  

Like Strategy and Metaplanet, Parataxis believes that institutional interest in the crypto space is significantly growing. The decision to establish a BTC treasury strategy is a milestone for the company.

Commenting on the latest move, Andrew Kim said: 

“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. We see South Korea as an important market in the evolution of BTC adoption. Our intent is to support institutional access to BTC exposure while emphasizing sound corporate governance and disciplined capital management.”

As part of the agreement, Edward Chin, Founder and CEO of Parataxis Holdings and Co-Founder and CEO of Parataxis Capital, will join the Board of Directors of the Company. Additionally, Andrew Kim, Parataxis’ CEO, is taking over and joining the board, while Bridge Bio’s Co-founder, James Jungkue Lee, remains in his current role to lead the biotech division and retains his board position. 

Furthermore, Edward Chin of Parataxis Holdings noted that accumulating a BTC treasury will benefit shareholders and also the country over time. He stated that this is the first BTC treasury company in South Korea backed by an institutional-grade platform.

Parataxis Eyes New Fund Launch and Crypto Expansion  

Interestingly, the investment company is finalizing the close of a new fund and is preparing to launch additional investment vehicles. However, it plans to reveal more about the deal after its shareholder meeting, scheduled for August.  

While Parataxis seeks to enter the South Korean crypto market, it is an affiliate of Parataxis Capital Management (PCM) and focused on BTC treasury and other digital asset investment opportunities. Since its inception in 2019, PCM has managed multiple commingled hedge fund structures, catering to a diversified investor base.

Bridge Biotherapeutics, on the other hand, was founded in 2015. In 2019, the company was listed on KOSDAQ. Bridge Bio maintains its corporate headquarters in Seongnam, South Korea.