Investors are about to drain a $217 million trust fund while voting to keep its Bitcoin SPAC alive
SilverBox Corp IV shareholders vote Tuesday on a four-month extension that would move the SPAC’s business-combination deadline from August 19 to December 19 and remove a net-tangible-assets redemption limit. Both amendments need two-thirds approval; if either fails and no deal closes by August 19, SilverBox must stop operating, redeem public shares, and begin liquidation. The vote is not on the Parataxis Bitcoin merger itself. Even if the extension passes, heavy redemptions could drain the $217.1 million trust and threaten the deal, which requires at least $25 million in net cash after redemptions and expenses, unless Parataxis waives that condition. SilverBox estimated redemptions would be worth about $10.85 per share. The reported up-to-$640 million deal value was a maximum, not committed cash. Separate from the trust, Parataxis raised $31 million in preferred equity and bought about 263.78 Bitcoin. The contract’s status is also uncertain because its outside date passed on August 6, and no later public amendment or termination was disclosed.
