SilverBox vote could drain $217M trust for Bitcoin SPAC

SilverBox Corp. IV shareholders will vote on Aug. 11 at 10:00 a.m. Eastern on two amendments that would extend the SPAC’s business-combination deadline from Aug. 19 to Dec. 19 and remove a $5,000,001 net-tangible-assets redemption limit. Each amendment must receive at least two-thirds of votes cast by shareholders present and entitled to vote, and both must be approved and implemented for the extension to take effect. Shareholders are not voting on the Parataxis merger at the meeting; investors who properly elect redemption may redeem their shares regardless of how they vote.

SilverBox reported $217,134,228 in its trust as of June 30 and estimated redemptions at the extension meeting would be worth about $10.85 per public share. The company said the balance left after valid redemptions could be only a small fraction of the June amount.

The merger registration statement requires the combined company to have at least $25 million in net cash and equivalents after redemptions and transaction expenses. That calculation may include remaining trust funds and any financing completed at closing. Parataxis has reserved the right to waive the net-cash condition under specified circumstances.

When first announced, the transaction described up to $640 million in potential capital, a maximum rather than committed closing cash. That figure combined roughly $240 million tied to the business combination and related financing, subject to redemptions, with an option to sell as much as $400 million of stock after closing through a Yorkville equity line. The full amount assumed no trust redemptions and full use of the post-closing facility.

Parataxis separately raised $31 million in preferred equity and used about $30.8 million of that to acquire roughly 263.78 Bitcoin in August 2025. That Bitcoin is held outside SilverBox’s trust. The preferred-equity agreement gives those investors an elective right, after the merger agreement’s outside date and upon written notice, to seek their share of the Bitcoin or the proceeds of a sale.

A May filing moved the merger contract’s outside date to Aug. 6 and gives either party a conditional right to terminate by written notice after that date. SilverBox’s SEC filings showed no later amendment, waiver, or termination disclosure through Aug. 9, leaving the public record unclear about whether the agreement remained in effect.

If the two amendments fail and SilverBox does not close a business combination by Aug. 19, the company must cease operations except for winding up, redeem public shares within 10 business days, and then seek to dissolve and liquidate subject to board and remaining-shareholder approval and applicable Cayman Islands creditor obligations. Under that scenario, public warrants would expire worthless upon winding up.

The Aug. 11 vote will determine whether SilverBox gains additional time to complete the Parataxis transaction or pursue other deals. Shareholder redemptions at the meeting could reduce the trust funds available to satisfy the net-cash condition required for closing.