Bridge Biotherapeutics (288330), a South Korean biotech firm, could also be seeking to grow to be 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 can construct a BTC treasury.
Bridge will change its company identify 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 firms like Technique within the U.S. and Metaplanet in Japan, we consider institutional curiosity on this area is growing globally,” Parataxis associate Andrew Kim stated.
An increasing number of companies are copying the playbook of Strategy, which owns greater than 2.8% of all of the bitcoin that may 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 outdoors North America.
These corporations have witnessed dramatic appreciation in their share price as merchants money in on them as a bitcoin-proxy asset.
Bridge joins fellow healthcare-adjacent firms Semler Scientific (SMLR) and Prenetics Global (PRE) in adopting a bitcoin treasury technique.
Parataxis is presently getting ready to go public in the U.S. through a particular objective acquisition firm (SPAC), SilverBox Corp IV (SBXD).
Bridge shares closed over 20.5% higher on Friday at 943 received ($0.69).