Parataxis Buys Bridge Biotherapeutics to Launch Bitcoin Treasury in Korea

Highlights

• Parataxis invests KRW 25 billion to acquire controlling interest in KOSDAQ-listed Bridge Biotherapeutics
• The firm will rename the company Parataxis Korea and implement a Bitcoin-based financial strategy
• Existing biotech operations will continue as the firm diversifies into digital asset treasury management

Parataxis Holdings LLC has finalized a definitive agreement to acquire control of Bridge Biotherapeutics Inc., a publicly traded biotech company on KOSDAQ. The $18 million (KRW 25 billion) investment gives Parataxis a controlling stake, enabling it to restructure the company into a Bitcoin-native treasury platform. The firm will rename the entity Parataxis Korea following shareholder approval and will retain its public listing.

Strategic Restructuring for Bitcoin Treasury Integration

Parataxis Korea Fund I and its affiliates will lead the transaction, pending shareholder agreement and standard regulatory clearance. With this move, Parataxis Holdings plans to establish South Korea’s first BTC-native institutional vehicle operating in the public markets. The restructuring will see Andrew Kim become CEO of the renamed company, while Edward Chin joins the board of directors.

Bridge Biotherapeutics will maintain its core biotech division, led by co-founder James Jungkue Lee. Despite the ownership change, the biotech research segment will continue its existing operations under the new corporate structure. This dual approach enables the new entity to manage both digital asset strategies and drug development projects.

Failed Drug Trials Prompt Management Shift

Bridge Biotherapeutics has faced ongoing challenges following the failure of key clinical trials, including its IPF drug candidate BBT-877. After Boehringer Ingelheim returned the compound in 2020, the company independently conducted Phase 2 trials, which failed to show efficacy. Another candidate, BBT-401, was discontinued after underwhelming performance in 2023.

Due to repeated losses and regulatory risks of delisting, Bridge Bio opted to sell management rights. The company had been flagged in March 2025 for consecutive pre-tax losses exceeding 50% of equity across three years. The deal with Parataxis offers financial stability and a new strategic direction involving BTC treasury growth.

BTC Strategy and Future Outlook

Parataxis Holdings will introduce institutional-grade Bitcoin financial strategies, leveraging its asset management experience in digital markets. The firm also plans to close another fund with a similar BTC treasury focus and will expand fund vehicles under its platform. Legal support is being provided by Shin & Kim LLC, with Deloitte advising on financial terms.

The shareholder meeting to approve the transition is expected in August 2025. Once confirmed, the company will proceed with the name change and begin implementing its treasury-focused strategy. Further updates will be announced after shareholder approval and transaction closure.

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