Parataxis Bitcoin Treasury Plan for South Korea sends Birge Bio Stock up 20%
Parataxis Holdings plans to launch a Bitcoin-native treasury platform in South Korea, investing 29 billion won ($18.5 million) into Bridge Biotherapeutics, which will be renamed Parataxis Korea. This acquisition will give Parataxis a controlling interest in the biotech firm, repurposing it for institutional Bitcoin exposure. The firm aims to enhance institutional access to Bitcoin while ensuring corporate governance and capital management. Currently, Bitcoin ETFs and institutional crypto investments are banned in South Korea, but a pilot program will allow select corporations to open "real-name" accounts by 2025. Following the acquisition announcement, Bridge Biotherapeutics' stock rose over 20%, despite being down 74% year-to-date. More than 237 public companies now hold Bitcoin, reflecting a growing trend in corporate Bitcoin adoption.
