Parataxis Holdings
Definitive (DA signed)Financials · institutional digital asset management and Bitcoin treasury · New York, United States
- What it is
- Parataxis Holdings LLC is an institutional digital asset management platform and an affiliate of Parataxis Capital Management, a multi-strategy investment firm focused on the digital asset sector founded in 2019
- What it’s doing now
- Merging with SilverBox IV (SBXD) — definitive (da signed), announced Oct 31, 2025.
- What you should know
- The real share count puts the effective valuation 35% above the announced $800M. The deal carries a $25M minimum-cash condition — heavy redemptions can break it.
The business, per its filings
SEC primaryParataxis Holdings LLC is an institutional digital asset management platform and an affiliate of Parataxis Capital Management, a multi-strategy investment firm focused on the digital asset sector founded in 2019. Parataxis Capital Management manages multiple commingled hedge fund vehicles and provides sub-advisory services for institutional allocators, family offices, fund-of-funds and high net worth individuals; Parataxis Holdings is focused on digital asset treasury and other digital asset investment opportunities. Both firms are headquartered in New York City.
Source: 8-K, accession 0001104659-26-059390 · extraction confidence: high
What the company says about itself
Web research — not audited[WEB-INTEL 2026-08-25] 3 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "SilverBox Corp IV amended its Parataxis merger agreement, extending the Outside Date to Dec. 31, 2026 and outlining further extension ..." [https://www.stocktitan.net/sec-filings/SBXD/425-silver-box-corp-iv-business-combination-communication-193b96d0deaa.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Initial agreement date: The Business Combination Agreement was originally signed on August 6, 2025, involving SBXD, Parataxis Holdings Inc. (the ..." [https://kalkinemedia.com/us/news/announcements/silverbox-corp-iv-pushes-business-combination-deadline-to-december-31-2026] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Parataxis equity rollover, equity funding contributing to a pro forma equity value around $393 million at $10 per share with 39.3 million ..." [https://www.stocktitan.net/sec-filings/SBXD/8-k-silver-box-corp-iv-reports-material-event-4ca43cc9d124.html] [WEB-INTEL 2026-08-25] 4 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "SilverBox Corp IV amended its Parataxis merger agreement, extending the Outside Date to Dec. 31, 2026" [https://www.stocktitan.net/sec-filings/SBXD/425-silver-box-corp-iv-business-combination-communication-193b96d0deaa.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "SilverBox and Parataxis Extend Business Combination Outside Date to Aug 6, 2026" [https://www.tradingview.com/news/tradingview:3bd892ec4c7b9:0-silverbox-and-parataxis-extend-business-combination-outside-date-to-aug-6-2026/] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "The Business Combination Agreement was originally signed on August 6, 2025" [https://kalkinemedia.com/us/news/announcements/silverbox-corp-iv-pushes-business-combination-deadline-to-december-31-2026] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Parataxis equity rollover, equity funding contributing to a pro forma equity value around $393 million at $10 per share with 39.3 million shares" [https://www.stocktitan.net/sec-filings/SBXD/8-k-silver-box-corp-iv-reports-material-event-4ca43cc9d124.html] [WEB-INTEL 2026-08-25] 5 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "SilverBox Corp IV shifted the Outside Date on its Parataxis merger from Aug. 6, 2026 to Dec. 31, 2026" [https://www.stocktitan.net/sec-filings/SBXD/8-k-silver-box-corp-iv-reports-material-event-07d57763586f.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Parataxis equity rollover, equity funding contributing to a pro forma equity value around $393 million at $10 per share with 39.3 million shares" [https://www.stocktitan.net/sec-filings/SBXD/8-k-silver-box-corp-iv-reports-material-event-4ca43cc9d124.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "SilverBox Corp IV amended its Parataxis merger agreement, extending the Outside Date to Dec. 31, 2026" [https://www.stocktitan.net/sec-filings/SBXD/425-silver-box-corp-iv-business-combination-communication-193b96d0deaa.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "SilverBox and Parataxis Extend Business Combination Outside Date to Aug 6, 2026" [https://www.tradingview.com/news/tradingview:3bd892ec4c7b9:0-silverbox-and-parataxis-extend-business-combination-outside-date-to-aug-6-2026/] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "The Business Combination Agreement was originally signed on August 6, 2025" [https://kalkinemedia.com/us/news/announcements/silverbox-corp-iv-pushes-business-combination-deadline-to-december-31-2026] [WEB-INTEL 2026-08-25] 4 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "SilverBox Corp IV amended its Parataxis merger agreement, extending the Outside Date to Dec. 31, 2026" [https://www.stocktitan.net/sec-filings/SBXD/425-silver-box-corp-iv-business-combination-communication-193b96d0deaa.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "SilverBox and Parataxis Extend Business Combination Outside Date to Aug 6, 2026" [https://www.tradingview.com/news/tradingview:3bd892ec4c7b9:0-silverbox-and-parataxis-extend-business-combination-outside-date-to-aug-6-2026/] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "The Business Combination Agreement was originally signed on August 6, 2025" [https://kalkinemedia.com/us/news/announcements/silverbox-corp-iv-pushes-business-combination-deadline-to-december-31-2026] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Parataxis equity rollover, equity funding contributing to a pro forma equity value around $393 million at $10 per share with 39.3 million shares" [https://www.stocktitan.net/sec-filings/SBXD/8-k-silver-box-corp-iv-reports-material-event-4ca43cc9d124.html] [WEB-INTEL 2026-08-25] 3 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Parataxis equity rollover, equity funding contributing to a pro forma equity value around $393 million at $10 per share with 39.3 million ..." [https://www.stocktitan.net/sec-filings/SBXD/8-k-silver-box-corp-iv-reports-material-event-4ca43cc9d124.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "SilverBox Corp IV amended its Parataxis merger agreement, extending the Outside Date to Dec. 31, 2026 and outlining further extension ..." [https://www.stocktitan.net/sec-filings/SBXD/425-silver-box-corp-iv-business-combination-communication-193b96d0deaa.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Initial agreement date: The Business Combination Agreement was originally signed on August 6, 2025, involving SBXD, Parataxis Holdings Inc. (the ..." [https://kalkinemedia.com/us/news/announcements/silverbox-corp-iv-pushes-business-combination-deadline-to-december-31-2026] [WEB-INTEL 2026-08-25] 4 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "extending the Outside Date to Dec. 31, 2026" [https://www.stocktitan.net/sec-filings/SBXD/425-silver-box-corp-iv-business-combination-communication-193b96d0deaa.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "SilverBox and Parataxis Extend Business Combination Outside Date to Aug 6, 2026" [https://www.tradingview.com/news/tradingview:3bd892ec4c7b9:0-silverbox-and-parataxis-extend-business-combination-outside-date-to-aug-6-2026/] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Initial agreement date: The Business Combination Agreement was originally signed on August 6, 2025" [https://kalkinemedia.com/us/news/announcements/silverbox-corp-iv-pushes-business-combination-deadline-to-december-31-2026] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Parataxis equity rollover, equity funding contributing to a pro forma equity value around $393 million at $10 per share with 39.3 [WEB-INTEL 2026-08-26] 4 finding(s) · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "SilverBox Corp IV amended its Parataxis merger agreement, extending the Outside Date to Dec. 31, 2026" [https://www.stocktitan.net/sec-filings/SBXD/425-silver-box-corp-iv-business-combination-communication-193b96d0deaa.html] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "SilverBox and Parataxis Extend Business Combination Outside Date to Aug 6, 2026" [https://www.tradingview.com/news/tradingview:3bd892ec4c7b9:0-silverbox-and-parataxis-extend-business-combination-outside-date-to-aug-6-2026/] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "The Business Combination Agreement was originally signed on August 6, 2025" [https://kalkinemedia.com/us/news/announcements/silverbox-corp-iv-pushes-business-combination-deadline-to-december-31-2026] · web source asserts a FILING-ONLY figure (deadline / trust / status / floor / price) and it was NOT stored: "Parataxis equity rollover, equity funding contributing to a pro forma equity value around $393 million at $10 per share with 39.3 million shares" [https://www.stocktitan.net/sec-filings/SBXD/8-k-silver-box-corp-iv-reports-material-event-4ca43cc9d124.html]
Source: company web presence · marketing claims are reported as claims, never merged into the filed figures above.
The deal it’s entering
Parataxis Holdings is merging with SilverBox IV (SBXD), a $200M SPAC currently marked Deal announced and trading at $10.87 against $10.86 in trust per share.
| Headline equity value | $800M |
| Effective valuation (all shares) | $1.1B+35% vs headline |
| Sponsor promote | 20% |
| PIPE | ≈ $31M · unsourcedpreferred equity units@10.00 |
| Minimum cash to close | $25M |
Structure per SEC accession(s) 0001104659-25-074831, 0001104659-25-074863. How to read these numbers: headline vs effective valuation · what a definitive agreement commits
What exactly is being valued, and at what
Was this deal done at an expensive or a cheap valuation?
SpacBrain’s read on the price
No multiple can be computed
We hold no revenue figure in US dollars for Parataxis Holdings LLC, so there is nothing to divide the price by and no multiple can be struck. It is not recorded as pre-revenue either — this is a gap in our record, not a finding that the company has no sales. The deal values it at $1.08bn regardless.
We have not extracted a revenue figure for this company from its filings yet. That is our gap, not a statement about the business.
Post-dilution equity (net debt unknown).
Not extracted from the filings yet.
Not computable — no revenue figure has been extracted from the filings yet.
No listed comparable carries a revenue multiple we can use.
What qualifies the figures above
- Struck on the post-dilution value of $1.08bn, not the announced $800M — new shares handed to the sponsor, warrant holders and the PIPE are part of what public buyers are really paying.
- The target's cash and debt are not in the filings we have, so this is an equity value used as a stand-in for enterprise value.
- VRTS, PNC, KKR, WHG, BEN, CWD, NTRS, PS, USB, AMG, BUR, BX have no revenue to divide by, so they are shown but left out of the peer median.
The listed companies it is measured against
| Ticker | Company | Mkt cap | EV / revenue | EV / EBITDA | Why it’s comparable |
|---|---|---|---|---|---|
| VRTS | Virtus Investment Partners Inc | $1.1B | — | — | Direct comp: Investment Management & Fund Operators (NEC); small-cap ($1.1bn); shares institutional, commingled, funds, investment, sub, asset with the target's own description; forward EV/Sales 5.4x.more ▾less ▴ |
| PNC | The PNC Financial Services Group, Inc. | $81.4B | — | — | Direct comp: Banks (NEC); mega-cap ($81.4bn); shares institutional, worth, net, treasury, asset, management with the target's own description; forward EV/Sales 7.1x.more ▾less ▴ |
| KKR | KKR & Co Inc | $113.6B | — | — | Direct comp: Investment Management; mega-cap ($113.6bn); shares institutional, capital, asset, firm, strategy, investment with the target's own description; forward EV/Sales 17.4x.more ▾less ▴ |
| WHG | Westwood Holdings Group Inc | $162M | — | — | Direct comp: Investment Management & Fund Operators (NEC); micro-cap ($162m); shares advisory, worth, funds, investment, sub, individuals with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| BEN | Franklin Templeton, Inc. | $12.1B | — | — | Direct comp: Investment Management; large-cap ($12.1bn); shares institutional, worth, funds, net, investment, sub with the target's own description; forward EV/Sales 4.5x.more ▾less ▴ |
| CWD | CaliberCos Inc | $9M | — | — | Direct comp: Investment Management & Fund Operators (NEC); micro-cap ($9m); shares fund, firm, funds, asset, management, advisory with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| NTRS | Northern Trust Corporation | $25.5B | — | — | Direct comp: Investment Management & Fund Operators (NEC); large-cap ($25.5bn); shares fund, institutional, asset, funds, family, investment with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| PS | Pershing Square Inc | — | — | — | Direct comp: Investment Management; shares funds, fund, institutional, worth, manages, strategy with the target's own description; forward EV/Sales 48.5x.more ▾less ▴ |
| USB | US Bancorp | $83.0B | — | — | Direct comp: Banks (NEC); mega-cap ($83.0bn); shares institutional, fund, treasury, funds, investment, individuals with the target's own description; forward EV/Sales 4.4x.more ▾less ▴ |
| AMG | Affiliated Managers Group, Inc. | $8.1B | — | — | Direct comp: Investment Management & Fund Operators (NEC); mid-cap ($8.1bn); shares institutional, firms, worth, investment, net, manages with the target's own description; forward EV/Sales 5.3x.more ▾less ▴ |
| BUR | Burford Capital Ltd | $2.0B | — | — | Direct comp: Investment Management & Fund Operators (NEC); small-cap ($2.0bn); shares fund, capital, firms, asset, funds, advisory with the target's own description; no forward EV/Sales published — counted as a peer, excluded from the median.more ▾less ▴ |
| BX | Blackstone Inc. | $184.1B | — | — | Direct comp: Investment Management; mega-cap ($184.1bn); shares hedge, funds, asset, strategy, multi, investment with the target's own description; forward EV/Sales 12.7x.more ▾less ▴ |
Which companies belong on this list is our judgement, and the sentence beside each one is the whole of our reasoning — disagree with it and the verdict above changes. Rows marked context only are shown because they are informative, but they are deliberately left out of the median. The multiples come from listed-company data; a private target’s deal multiple is not audited the way theirs are.
Common questions
Is Parataxis Holdings going public?
Parataxis Holdings has a signed merger with the SPAC SilverBox IV (SBXD), announced Oct 31, 2025. Deal status: Definitive (DA signed).
What is Parataxis Holdings's SPAC deal valuation?
The announced headline equity value is $800M, but counting every share class — founder promote, PIPE and public shares — the effective valuation is $1.1B, 35% above the headline.
Was Parataxis Holdings bought at an expensive or a cheap valuation?
We hold no revenue figure in US dollars for Parataxis Holdings LLC, so there is nothing to divide the price by and no multiple can be struck. It is not recorded as pre-revenue either — this is a gap in our record, not a finding that the company has no sales. The deal values it at $1.08bn regardless.
Does Parataxis Holdings have revenue?
The filings we've parsed don't state a usable revenue figure yet; this profile is updated as new documents land.
Educational content, not investment advice.
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