Parataxis Holdings has made a bold step towards bringing an institutionally backed Bitcoin treasury platform to the South Korean public market. A statement released on Friday confirmed that Parataxis has secured a controlling stake worth 25 million Korean Won ($18.2m) in Bridge Biotherapeutics to push the market move.Â
As revealed, Bridge Biotherapeutics will undergo a rebranding exercise to become Parataxis Korea and remain listed on KOSDAQ. However, the announcement established that the transaction is subject to some closing conditions.
Part of the condition includes approval from the company shareholders. The takeover deal will bring about the establishment of a Bitcoin-backed treasury platform for local investors in South Korea.
As indicated, Parataxis through the takeover deal intends to introduce a Bitcoin-backed treasury system popular in the United States and Japan to South Korea. In the two aforementioned countries, companies like Strategy and Metaplanet have accumulated Bitcoin en masse as a pioneer corporate holder of the apex cryptocurrency.
According to CoinGecko, Strategy holds about 576,230 BTC presently worth about $60.8 billion. The company holds approximately 2.7% of the total Bitcoin in circulation, making it the largest institutional holder of the cryptocurrency.
How Bridge Biotherapeutics will undergo a shake-up after Parataxis Holdings takeover
Meanwhile, institutional investors with vast experience in virtual assets will manage the platform according to the statement. As part of the process, Edward Chin, Founder and CEO of Parataxis Holdings and Co-Founder and CEO of Parataxis Capital will join the Board of Directors of the new company.
Consequently, the shake-up will see Andrew Kim, a Partner at Parataxis Capital, emerge as the CEO of the company and also become a member of the Board of Directors. The statement hinted that Bridge Biotherapeutics will maintain its core biotech enterprise.
More so, James Jungkue Lee, the Co-founder of Bridge Bio will continue to lead the biotech business and serve on the new company’s Board of Directors.
Edwin Chin provided more details on the takeover. The CEO said the deal is on course to establish the first BTC treasury company backed by an institutional-grade platform. Chin said the growing adoption of Bitcoin in the global stage birthed the move.
Lastly, the CEO established that shareholders and South Korea at large will benefit from the initiative in the long run.
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