5 hours ago
Bridge Biotherapeutics (288330), a South Korean biotech company, whitethorn beryllium looking to go the country's reply to Strategy (MSTR) oregon Metaplanet (3350) by adopting a bitcoin treasury strategy.
Seongnam-based Bridge has received a 25 cardinal won ($183.3 million) backing from crypto concern steadfast Parataxis, with which it volition physique a BTC treasury.
Bridge volition alteration its firm sanction to Parataxis Korea and proceed to commercialized connected the South Korean banal marketplace KOSDAQ, according to an announcement connected Friday.
"Inspired by the increasing involvement successful BTC treasury strategies seen successful companies similar Strategy successful the U.S. and Metaplanet successful Japan, we judge organization involvement successful this abstraction is expanding globally," Parataxis spouse Andrew Kim said.
More and much companies are copying the playbook of Strategy, which owns much than 2.8% of each the bitcoin that volition ever exist. Tokyo-listed edifice relation turned bitcoin capitalist Metaplanet holds 10,000 BTC ($1.04 billion), making it the largest holding of a nationalist institution extracurricular North America.
These firms person witnessed dramatic appreciation successful their stock price arsenic traders currency successful connected them arsenic a bitcoin-proxy asset.
Bridge joins chap healthcare-adjacent companies Semler Scientific (SMLR) and Prenetics Global (PRE) successful adopting a bitcoin treasury strategy.
Parataxis is presently preparing to go nationalist successful the U.S. via a peculiar intent acquisition institution (SPAC), SilverBox Corp IV (SBXD).
Bridge shares closed implicit 20.5% higher connected Friday astatine 943 won ($0.69).
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