Parataxis Holdings will transform Bridge Biotherapeutics into Parataxis Korea after buying a controlling stake for 25 billion KRW ($18.5 million). The move aims to establish a Bitcoin treasury platform in South Korea’s public market.
The Parataxis acquisition was confirmed on June 20. Bridge Biotherapeutics, a biotech firm listed on KOSDAQ, will no longer operate in the pharmaceutical field. It was founded in 2015 and listed in 2019. It previously focused on treatments for ulcerative colitis, cancer, and fibrotic diseases.
Parataxis Holdings is affiliated with Parataxis Capital, a digital asset-focused investment company based in New York. The renamed Parataxis Korea will serve as a corporate vehicle for institutional Bitcoin access.
Andrew Kim, Partner at Parataxis Capital, said the firm took inspiration from other firms using public companies for Bitcoin treasury platforms, including examples in the U.S. and Japan. He noted,
“We see South Korea as an important market in the evolution of BTC adoption.”
South Korea Crypto Regulations Remain Strict for Institutions
Bitcoin in South Korea remains highly restricted for institutions. Spot Bitcoin ETFs are still banned. Direct institutional Bitcoin access is not allowed under current law.
Still, South Korea’s Financial Services Commission (FSC) approved a limited FSC crypto pilot program in early 2025. It permits 3,500 corporate and professional investors to open “real-name” crypto accounts. These accounts are part of a trial to prepare for wider digital asset exposure in the future.
By acquiring a public company, Parataxis Korea bypasses direct ETF limitations. The Bitcoin treasury platform will offer indirect BTC exposure through equity markets. Kim added that Parataxis Capital will prioritize corporate governance and capital control.
The structure resembles that of Bitcoin public company setups seen in other countries. This structure uses listed companies to provide BTC exposure without violating local restrictions.
Bridge Biotherapeutics Stock Rises After Parataxis Acquisition
After the Parataxis acquisition was made public, Bridge Biotherapeutics’ stock jumped over 20% on June 20, based on TradingView data. However, the stock remains down over 74% for the year and has dropped more than 90% since its five-year high.
This purchase follows an announcement on June 10 that Parataxis Capital plans to go public via a $200 million SPAC. The New York firm has expanded its efforts to grow digital asset infrastructure across public markets.
Bridge Biotherapeutics will now serve as Parataxis Korea, offering Bitcoin in South Korea through a listed entity. The company joins a growing list of Bitcoin public companies now holding BTC on their balance sheets.
Institutional Bitcoin Access Expands as More Firms Join
According to BitcoinTreasuries.NET, over 237 companies now hold Bitcoin, compared to 124 a few weeks earlier. These companies represent around 3.96% of Bitcoin’s total supply. This data includes firms using Bitcoin treasury platforms to manage crypto assets via equity.
On the same day as the Parataxis Korea announcement, UK-based Pri0r1ty Intelligence Group said it would adopt Bitcoin as a reserve asset and payment tool. The firm did not disclose a direct BTC purchase.
Following the news, its stock rose over 84%, according to Google Finance. Pri0r1ty’s stock had dropped 32% in the past year.
However, not all companies saw gains. GameStop shares fell 22% after raising its convertible note offering to $2.25 billion. Analysts linked the move to potential digital asset exposure, though no official Bitcoin treasury platform announcement followed.
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