South Korean biotech company Bridge Biotherapeutics (ticker: 288330) has received substantial funding amounting to 25 billion won ($183.3 million) from crypto investment firm Parataxis. The firm plans to adopt a Bitcoin (BTC) treasury strategy, inspired by similar moves from companies like MicroStrategy (MSTR) in the U.S. and Metaplanet in Japan. Bridge will rebrand to Parataxis Korea and continue trading on the South Korean stock market, KOSDAQ.
Parataxis intends for Bridge to serve as a treasury vehicle to provide institutional Bitcoin exposure in South Korea, a market that is gradually opening to institutional digital asset investments despite existing bans on Bitcoin ETFs and crypto investments. Parataxis is also preparing for a U.S. public listing via a special purpose acquisition company (SPAC), SilverBox Corp IV.
The shift to Bitcoin treasury strategy has triggered a significant rally, with Bridge's shares climbing over 20.5% on the day of the announcement. The move aligns with a broader trend of public companies adopting Bitcoin on their balance sheets; over 237 public firms now hold BTC, representing approximately 3.96% of the total supply.
Bridge’s transformation follows other healthcare-adjacent companies like Semler Scientific and Prenetics Global that have embraced Bitcoin treasury strategies. This evolution represents growing institutional interest in Bitcoin as a corporate treasury asset in South Korea and globally.