Well, it’s official: the Bitcoin enthusiasts have finally found a new country to, ahem, ‘disrupt’. Parataxis Holdings LLC, a New York-based company that’s been evangelizing about the wonders of digital assets since 2019, has just made a deal with Bridge Biotherapeutics Inc. to take control of the company for a cool KRW 25 billion ($18.2 million). 💸
The plan, because you know there’s always a plan, is to turn Bridge Biotherapeutics into South Korea’s first Bitcoin-focused treasury firm. Because, you see, what the world really needs is more companies holding onto Bitcoin for dear life. 🤯 The new company will be called Parataxis Korea, because who needs a fancy name when you can just slap the parent company’s name on it and call it a day?
According to the announcement, the deal is expected to close after a shareholder vote in August 2025. And then, the real fun begins! Parataxis Korea will start creating a Bitcoin treasury business, because who needs actual assets when you can just hold onto some digital tokens? 🤑
But wait, there’s more! Bridge Biotherapeutics, the company being taken over, is actually a biotech company that makes drugs for diseases like ulcerative colitis and fibrosis. Because, you know, curing diseases is so last season. Who needs medicine when you can have Bitcoin? 💊
The new company will be led by Andrew Kim, a partner at Parataxis Capital, because who needs experience in biotech when you can just have experience in… well, whatever it is that Parataxis Capital does? 🤔 And Edward Chin, the CEO of Parataxis Holdings, will join the board, because who doesn’t love a good board seat? 🛋️
And then there’s the obligatory quote from Edward Chin, because what’s a press release without a quote from the CEO? “We see South Korea as an important market in the evolution of BTC adoption.” Ah, yes, because the evolution of Bitcoin adoption is clearly the most important thing happening in the world right now. 🙄
And finally, because you know there’s always a finally, Parataxis is working on another fund with the same goal, because who needs to focus on one thing when you can just spread your resources thin and hope for the best? 🤯 And Shin & Kim LLC is handling the legal work, because who doesn’t love a good lawyer? 🤝
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2025-06-20 18:02