SilverBox Corp IV , a publicly listed special purpose acquisition company sponsored by an affiliate of SilverBox Capital announced that it has entered into a non-binding letter of intent with Parataxis Holdings, an affiliate of Parataxis Capital Management , with respect to a proposed business combination between SBXD and Parataxis Holdings.
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If consummated, the proposed business combination would result in the listing of a preeminent, institutional digital asset management platform with a deep pipeline of proprietary and differentiated capital deployment opportunities. The platform will focus on initiating and managing capital investments in Bitcoin and other select digital assets, with the objective of creating long-term value through a repeatable, globally oriented investment framework.
“We believe this potential business combination with Parataxis Holdings represents a distinct opportunity to introduce a unique and highly scalable digital asset management platform to the public markets,” said Joe Reece, Co-Managing Partner of SilverBox Capital. “We identified Parataxis as a partner of choice given their deep domain expertise and proven track record of execution validated by institutional investment. This platform is truly differentiated by combining a seasoned leadership team, a focused strategic roadmap, and a disciplined approach to capital allocation.”
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“This is the natural evolution of our platform,” said Edward Chin, Co-Founder and CEO of PCM. “Over the last several years, we’ve built a multi-strategy digital asset management business designed to meet the investment requirements of institutional allocators. As interest in Bitcoin as a treasury and strategic asset continues to accelerate globally, we see a significant opportunity to deliver a publicly listed platform capable of delivering differentiated exposure to Bitcoin through proprietary investment strategies implemented with institutional-grade transparency and rigor.”
As part of the contemplated transaction, Parataxis Holdings is expected to contribute economic interests in a transaction currently under development in South Korea, which, if completed, may serve as the first of several similar initiatives under consideration. The parties believe South Korea is an underserved market with significant digital asset demand that can be met with the launch of the proposed platform. All such transactions would remain subject to applicable legal and regulatory considerations.
The parties expect to announce additional details regarding the proposed business combination and related financing when a definitive agreement is executed. No assurances can be made that the parties will successfully negotiate and enter into a definitive agreement for the proposed business combination, or that the proposed business combination will be consummated on the terms currently contemplated, or at all. Any business combination would be subject to the completion of due diligence, the negotiation of a definitive agreement providing for the proposed business combination, satisfaction of the conditions negotiated therein, board and equity holder approval, regulatory approvals, and other customary conditions.
Clear Street is advising SBXD as lead financial advisor.
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Source: businesswire
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