Bridge Biotherapics (288330), a Biotechnology Company of South Korea, may be seeking to become the country’s response to the strategy (MSTR) or Metaplenet (3350) adopting a Bitcoin Treasury strategy.
Bridge, based in Seongnam, has received a support of 25 billion ($ 183.3 million) from the parataxis cryptoxic investment firm, with which he will build a BTC treasure.
Bridge will change his corporate name to Parrataxis Korea and will continue to be trading at the South Korean stock market, Kosdaq, according to an announcement on Friday.
“Inspired by the growing interest in BTC Treasury strategies observed in companies such as the strategy in the United States and Metaplanet in Japan, we believe that the institutional interest in this space is increasing worldwide,” said Parrataxis partner Andrew Kim.
More and more companies are copying the strategy play book, which has more than 2.8% of all bitcoin that will exist. The hotel operator that is quoted in Tokyo turned into Bitcoin Investor Metaplanet has 10,000 BTC ($ 1.04 billion), which makes it the greatest participation of a public company outside North America.
These companies have witnessed a dramatic appreciation in the price of their shares as merchants are charged as a Bitcoin-Proxy asset.
Bridge binds to fellow companies adjacent to Semler Scientific Health (SMLR) and Global Prednetics (PRE) in the adoption of a Bitcoin Treasury strategy.
The parataxis is currently being prepared to become public in the US. Through a special purpose acquisition company (SPAC), Silverbox Corp IV (SBXD).
Bridge’s shares closed more than 20.5% more upwards in 943 Won ($ 0.69).
