Parataxis Holdings LLC has entered right into a definitive settlement to accumulate a controlling curiosity in South Korean biotech firm Bridge Biotherapeutics, Inc. (KOSDAQ: 288330) for KRW 25 billion ($18.3 million), marking the creation of South Korea’s first institutionally backed Bitcoin treasury firm.
The transaction will see Bridge Biotherapeutics renamed to Parataxis Korea and proceed buying and selling on the KOSDAQ trade, topic to shareholder approval and customary closing circumstances. The deal represents a major pivot for the scientific stage biotech firm, which has been creating therapeutics for ulcerative colitis, fibrotic ailments, and cancers since its 2015 founding.
Edward Chin, Founder and CEO of Parataxis Holdings and Co-Founder & CEO of Parataxis Capital, will be a part of Bridge Bio’s Board of Administrators following the transaction’s completion. Andrew Kim, Associate at Parataxis Capital, will assume the CEO function and likewise be a part of the board, whereas Bridge Bio co-founder James Jungkue Lee will proceed main the core biotech enterprise.
“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,” stated Andrew Kim. “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.”
The acquisition transforms Bridge Biotherapeutics from a conventional biotech operation right into a hybrid entity that can keep its present therapeutic growth packages whereas establishing a Bitcoin treasury. South Korea’s market and rising institutional adoption might make it a pretty jurisdiction for such ventures, significantly as regulatory frameworks proceed to mature within the area.
Edward Chin emphasised the strategic nature of the funding, stating: “We are incredibly excited to create the first BTC treasury company in South Korea backed by an institutional-grade platform. Given the strategic nature of BTC on the global stage and its finite supply, 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.”
The transaction is predicted to shut following shareholder approval at a gathering scheduled for August, with Shin & Kim LLC and Deloitte serving as authorized and monetary advisors.
