South Korean Biotech Firm Bridge Biotherapeutics Secures $183.3M for Bitcoin Treasury
Bridge Biotherapeutics (288330) plans to adopt a bitcoin treasury strategy, similar to U.S. company Strategy (MSTR) and Japan's Metaplanet (3350). The South Korean biotech firm received 25 billion won ($183.3 million) from crypto investment firm Parataxis to establish a BTC treasury.
Key points:
- Bridge will be rebranded as Parataxis Korea, remaining on the KOSDAQ stock market.
- Parataxis aims to leverage increasing institutional interest in BTC treasury strategies globally.
- Strategy holds over 2.8% of all bitcoin; Metaplanet has 10,000 BTC valued at $1.04 billion.
- Bridge joins other healthcare companies like Semler Scientific (SMLR) and Prenetics Global (PRE) in this strategy.
- Parataxis is preparing to go public in the U.S. via SPAC SilverBox Corp IV (SBXD).
- Bridge shares rose by 20.5% to 943 won ($0.69) following the announcement.