Parataxis Holdings LLC has made a deal with Bridge Biotherapeutics Inc. to take control of the company with a KRW 25 billion ($18.2 million) investment. Plarataxis plans to turn the firm into South Korea’s first Bitcoin-focused treasury firm
According to the announcement, the company will be Parataxis Korea after the deal is done, but will still be listed on the KOSDAQ stock exchange. The deal is expected to close after a shareholder vote, which is planned for August 2025.
Once that is out of the way, Parataxis said it will create a Bitcoin treasury business based in the public markets. In short, this new company will be built to hold Bitcoin and help other institutions do the same.
Bridge Biotherapeutics was founded in 2015. It is a South Korean biotech company that makes drugs for diseases like ulcerative colitis and fibrosis. It has been on the KOSDAQ since 2019.
Based on the deal, Edward Chin, the CEO of Parataxis Holdings, will join the board of the new company. Andrew Kim, who is a partner at Parataxis Capital, will become the new CEO. James Jungkue Lee, who co-founded Bridge Biotherapeutics, will stay on the board and continue to lead its biotech division.
“We see South Korea as an important market in the evolution of BTC adoption.” Edward said in the press release. “We are incredibly excited to create the first BTC treasury company in South Korea backed by an institutional-grade platform. We believe that building and growing a company like Parataxis Korea and accumulating a BTC treasury will benefit our shareholders as well as the country over the long run.”
Parataxis is also working on another fund with the same goal and plans to launch more funds soon. Shin & Kim LLC is handling the legal work, and Deloitte is the financial advisor for the transaction.
Parataxis has been around since 2019. The company is based in New York and has always focused on investing in digital assets like Bitcoin. It manages hedge funds for investors and also gives advice to family offices and institutions.
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