A South Korean Biotech Firms Gets $183.3M Funding to Build Bitcoin Treasury

Bridge Biotherapeutics (288330), a South Korean biotech firm, could also be trying to turn into the nation’s reply to Technique (MSTR) or Metaplanet (3350) by adopting a bitcoin treasury technique.

Seongnam-based Bridge has acquired a 25 billion received ($183.3 million) backing from crypto funding agency Parataxis, with which it would construct a BTC treasury.

Bridge will change its company title to Parataxis Korea and proceed to commerce on the South Korean inventory market KOSDAQ, according to an announcement on Friday.

“Impressed by the rising curiosity in BTC treasury methods seen in corporations like Technique within the U.S. and Metaplanet in Japan, we consider institutional curiosity on this house is rising globally,” Parataxis accomplice Andrew Kim mentioned.

An increasing number of companies are copying the playbook of Strategy, which owns greater than 2.8% of all of the bitcoin that can ever exist. Tokyo-listed lodge operator turned bitcoin investor Metaplanet holds 10,000 BTC ($1.04 billion), making it the biggest holding of a public firm exterior North America.

These companies have witnessed dramatic appreciation in their share price as merchants money in on them as a bitcoin-proxy asset.

Bridge joins fellow healthcare-adjacent corporations Semler Scientific (SMLR) and Prenetics Global (PRE) in adopting a bitcoin treasury technique.

Parataxis is presently making ready to go public in the U.S. through a particular goal acquisition firm (SPAC), SilverBox Corp IV (SBXD).

Bridge shares closed over 20.5% higher on Friday at 943 received ($0.69).