A South Korean Biotech Firms Gets $183.3M Funding to Build Bitcoin Treasury
Bridge Biotherapeutics (288330), a South Korean biotech company, may be looking to become the country's answer to Strategy (MSTR) or Metaplanet (3350) by adopting a bitcoin treasury strategy.
Seongnam-based Bridge has received a 25 billion won ($183.3 million) backing from crypto investment firm Parataxis, with which it will build a BTC treasury.
Bridge will change its corporate name to Parataxis Korea and continue to trade on the South Korean stock market KOSDAQ, according to an announcement on Friday.
"Inspired by the growing interest in BTC treasury strategies seen in companies like Strategy in the U.S. and Metaplanet in Japan, we believe institutional interest in this space is increasing globally," Parataxis partner Andrew Kim said.
More and more companies are copying the playbook of Strategy, which owns more than 2.8% of all the bitcoin that will ever exist. Tokyo-listed hotel operator turned bitcoin investor Metaplanet holds 10,000 BTC ($1.04 billion), making it the largest holding of a public company outside North America.
These firms have witnessed dramatic appreciation in their share price as traders cash in on them as a bitcoin-proxy asset.
Bridge joins fellow healthcare-adjacent companies Semler Scientific (SMLR) and Prenetics Global (PRE) in adopting a bitcoin treasury strategy.
Parataxis is currently preparing to go public in the U.S. via a special purpose acquisition company (SPAC), SilverBox Corp IV (SBXD).
Bridge shares closed over 20.5% higher on Friday at 943 won ($0.69).
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