Bridge Biotherapeutics (288330), a South Korean biotech company, may be looking to become the country’s response to strategy (Mstr) or Metaplanet (3350) by adopting a Bitcoin Ministry of Finance.
Seongnam-based Bridge has received a 25 billion won ($ 183.3 million) support from Crypto Investment Firm Parataxis as it will build a BTC state box.
Bridge will change his business name to Parataxis Korea and continue to act in the South Korean stock market Kosdaq, according to a message Friday.
“Inspired by the growing interest in BTC Treasury strategies seen in companies as a strategy in the US and Metaplanet in Japan, we believe that the institutional interest in this space is rising globally,” said Parataxis partner Andrew Kim.
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 has 10,000 BTC ($ 1.04 billion), making it the biggest possession of a public company outside North America.
These companies have witnessed dramatic appreciation in their stock price, as retailers of cash on them as a Bitcoin-proxy active.
Bridge joins colleagues with health care companies Semler Scientific (SMLR) and Prenetics Global (PRE) by adopting a Bitcoin Treasury strategy.
Parataxis is currently preparing to become public in the United States 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).
