Parataxis Holdings LLC has entered into a definitive agreement to acquire a controlling interest in South Korean biotech company Bridge Biotherapeutics, Inc. (KOSDAQ: 288330) for KRW 25 billion ($18.3 million), marking the creation of South Korea’s first institutionally backed Bitcoin treasury company.
The transaction will see Bridge Biotherapeutics renamed to Parataxis Korea and continue trading on the KOSDAQ exchange, subject to shareholder approval and customary closing conditions. The deal represents a significant pivot for the clinical stage biotech company, which has been developing therapeutics for ulcerative colitis, fibrotic diseases, and cancers since its 2015 founding.
Edward Chin, Founder and CEO of Parataxis Holdings and Co-Founder & CEO of Parataxis Capital, will join Bridge Bio’s Board of Directors following the transaction’s completion. Andrew Kim, Partner at Parataxis Capital, will assume the CEO role and also join the board, while Bridge Bio co-founder James Jungkue Lee will continue leading the core biotech business.
“Inspired by the growing interest in BTC treasury strategies seen in companies like Strategy in the US and Metaplanet in Japan, we believe institutional interest in this space is increasing globally,” said Andrew Kim. “We see South Korea as an important market in the evolution of BTC adoption. Our intent is to support institutional access to BTC exposure while emphasizing sound corporate governance and disciplined capital management.”
The acquisition transforms Bridge Biotherapeutics from a traditional biotech operation into a hybrid entity that will maintain its existing therapeutic development programs while establishing a Bitcoin treasury. South Korea’s market and growing institutional adoption could make it an attractive jurisdiction for such ventures, particularly as regulatory frameworks continue to mature in the region.
Edward Chin emphasized the strategic nature of the investment, stating: “We are incredibly excited to create the first BTC treasury company in South Korea backed by an institutional-grade platform. Given the strategic nature of BTC on the global stage and its finite supply, we believe that building and growing a company like Parataxis Korea and accumulating a BTC treasury will benefit our shareholders as well as the country over the long run.”
The transaction is expected to close following shareholder approval at a meeting scheduled for August, with Shin & Kim LLC and Deloitte serving as legal and financial advisors.
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