SilverBox Corp IV

Certain Relationships and Related Party Transactions” of the Proxy Statement and is available free of charge at the SEC’s website at www . sec . gov . Additional information regarding the interests of the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of SBXD’s shareholders in connection with the Transactions, including the names and interests of PubCo’s directors and executive officers, has been set forth in the Registration Statement and Proxy Statement/Prospectus . Investors and security holders may obtain free copies of these documents as described above . Disclaimers and Other Important Information 4

Introduction

05 04 03 02 01 Differentiated Economic Model Potential for Rapid Scale Difficult - to - Replicate Platform Advantages The “Wall Street Opportunity” Institutional Adoption Accelerating PubCo intends to generate returns through a combination of carried interest allocations generated from its private investment fund and returns generated from principal investments. Not a passive treasury vehicle Digital assets creates potential to scale an asset management business faster than traditional asset managers Parataxis Holdings is affiliated with and has entered into a shared services agreement with PCM, a digital asset platform established in 2019 The full Wall Street product suite of institutional products is the market opportunity, beyond spot exposure Digital assets have moved beyond the proof of concept and into institutional portfolios. Major financial institutions are moving quickly to be in position for this adoption Investment Highlights Note: References to a platform established in 2019 relate to PCM, an affiliated investment manager that provides certain shar ed investment and operating team and infrastructure to Parataxis Holdings. 6

Institutional Adoption of Digital Assets Is Accelerating Institutional participation is expanding across asset allocators, public markets and regulated financial institutions Increasing institutional investor allocations 1 …. Est. % of Portfolio Est. Value ($m) Notable Investor 1.1% $1,019 Millenium 1.0% 656 Jane Street 9.9% 499 Weiss Asset 4.6% 471 Capula 2.6% 347 Farallon 0.8% 338 Harvard Endowment 2 3.0% 337 Schonfeld 3.0% 163 Sculptor 1.2% 146 Tudor 1.0% 120 Hudson Bay Digital assets are being incorporated into asset allocation frameworks alongside traditional asset classes, with some investors formalizing target allocations …driving capital formation and fee - generating activity JPM, GS and MS issuing BTC - linked structured notes targeted at private wealth and institutional channels Capital formation activity accelerating across private and public markets Strategic M&A activity increasing as firms seeks scale and market position in digital asset markets MSTR raised ~$5.8bn of perpetual preferred equity in 2025 3 Private Wealth Equity Capital Markets Private Capital Markets M&A 7 1. Source: Publicly available information based on Form 13 - F filings as of September 30, 2025. Estimated value based on IBIT closin g price as of December 31, 2025 of $49.65 per share. 2. Source: Publicly available information and Form 13 - F filings as of September 30, 2025. 3. Source: MSTR 10 - Q filing as of September 30, 2025.

The Entire Wall Street Product Suite Is the Market Opportunity An Abridged History of Wall Street Innovation Each wave of financial innovation creates new asset classes – and new platforms that capture value 1980s: Financial Engineering 1990s: Professional Management 2000s: New Asset Classes 2010s: Private Capital Existing Spot/Derivatives ETFs Custody Retail lending Prime brokerage Opportunities Digital credit Treasury solutions Actively managed & structured investment products Distressed & restructuring Wall Street repeatedly develops new ways to structure and package risk Historically, value has accrued to the platforms that structure and package risk In digital assets, only the most “basic” products exist today; much of the institutional product suite remains undeveloped 8 Note: Timeline and historical examples are illustrative and shown for conceptual purposes only. 2020s: Digital Assets MBS / ABS Interest rate swaps Private equity Hedge funds Structured credit (CLOs, leveraged loans) Infrastructure Private credit Secondaries

Economic Model Active Management Institutional Digital Asset Management Intends to generate returns through a combination of carried interest allocations generated from private investment fund and returns generated from principal investments Seeks to generate returns through active digital asset balance sheet management, rather than providing passive digital asset price exposure Positioned to benefit from the ongoing institutionalization of digital assets Pubco: At a Glance PubCo is an institutional digital asset management business positioned to capitalize on the ongoing institutionalization of digital assets Pubco is affiliated with Parataxis Capital Management (“PCM”), a New York - based multi - strategy investment firm founded in 2019 that manages capital on behalf of US public pensions, family offices, and other qualified investors, with $100 million+ in AUM 9

PubCo: Intended Structure Private Investment Funds Principal Investments Digital Asset Treasury Parataxis Funds Pubco intends to adopt a business model combining (i) private investment funds, (ii) principal investments, and (iii) internally managed digital asset treasury and yield strategies 10 Note: Above chart is intended to be a simplified representation of the Parataxis group entities and its business divisions an d i s not intended to be a comprehensive representation of legal entities. Note: In April 2026, Parataxis Ethereum entered into a merger agreement to acquire Parataxis Korea through a share exchange t ran saction. The transaction is currently anticipated to close in or about October 2026, subject to closing conditions. PubCo

PubCo’s Value Creation Framework Value Creation Framework Three complementary return engines that Private investment funds Principal investments Digital asset treasury Investment returns intended to be reinvested into BTC or new digital asset related investments As Pubco grows, PubCo’s capacity to generate returns from new digital asset related investments increases The intended model: raise capital, deploy capital into investments, generate investment returns – with a flywheel created by immediately redeploying capital into BTC (unless otherwise deployed) Return on Capital Private Investment Funds Principal Investments Digital Asset Treasury 11 Note: Illustration is shown for conceptual purposes only. Capital deployment subject to risk and loss of capital. Reinvestment into capital base

Parataxis Capital Management (PCM) Overview Founded in 2019, New York - based multi - strategy investment firm, with more than $100m of AUM Manages capital on behalf of institutional clients, including U.S. public pensions, family offices, and other qualified inves tor s, with more than $100 million in AUM Among the first digital asset managers to be allocated capital by US pension funds, having c ompleted rigorous due diligence review process required by such funds Virginia Pension Fund Invests in Crypto Lending in Bid to Boost Returns August 4, 2022 Parataxis Hedge Fund Gains 341% With Bets on Revival in Crypto January 26, 2024 A $50M First? Pension Systems Back Cryptocurrency Hedge Fund October 15, 2021 HFM US Performance Awards: Best Digital Asset Fund 2024 October 22, 2024 Independent Validation of Institutional Adoption Powered by the PCM Platform How Parataxis Capital Secured Institutional Capital and Positions for Strategic Growth Through Crypto Insights Group December 5, 2025 Parataxis Holdings is affiliated with PCM, which provides certain services under a shared services agreement Long - biased, large cap liquid digital assets Parataxis Absolute Return Fund Yield - oriented, digital credit and systematic trading strategies Parataxis Digital Yield Fund Portfolio of uncorrelated strategies Parataxis Multi - Strategy Fund Arbitrage strategies with minimal correlation to overall digital asset market Parataxis Quantitative Fund Targeting high absolute return by deploying stat arb strategies Parataxis Systematic Alpha Strategy Targeting outperformance of buy - and - hold BTC strategy Parataxis Bitcoin Alpha Strategy Generating BTC - on - BTC yield Parataxis BTC Treasury Management Funds SMAs PCM Platform and Strategies 12

PubCo’s Leadership Team after the Business Combination COO | General Counsel 1 Edward Chin Chief Financial Officer 1 Former Investment Banker, Galaxy Digital, Credit Suisse and Lehman Brothers Former Military Officer, US Army The Wharton School (MBA), Yonsei Univ. (MA), UC Berkeley (BA) Partner, SilverBox Capital Former Managing Director (Principal Investing), Macquarie Capital Columbia University (BS), INSEAD (MFin) Former Partner, Crowell & Moring Former Associate, O’Melveny & Myers In - House Counsel, UBS Investment Bank UC Berkeley (BA), Columbia (JD) Founder, Karlani Capital Former Founder & CEO, Kenexa Corporation (acquired by IBM) Fellow of the Society of Actuaries Christine Tomas Director Nominee 1 Joseph Reece Director Nominee 1 Thejas Naval Director Nominee 1 Nooruddin Karsan Director Nominee 1 Chief Investment Officer, Parataxis Capital Management Former Digital Asset Portfolio Manager, LedgerPrime Former Equity Trader, Goldman Sachs NYU Stern School (MBA), Rutgers University (BA) Co - Founder, SilverBox Capital Chairman, NCR Atleos & Compass Minerals Former Head of Investment Banking US, UBS Former Head of Risk and Head of ECM, Credit Suisse Founder, CKT Capital Partners LLC Former Managing Director and senior leader at Manchester Capital Management, iSelect Fund, and Verbank Advisors Former Managing Director at J.P. Morgan and Goldman Sachs Founder | CEO Jin Chun Richard Lee 13 1. Pending closing of proposed business combination between Parataxis Holdings and SilverBox Corp IV, a SPAC.

South Korea: PubCo’s Intended Strategy in Action Parataxis’ initial investments in listed digital asset vehicles in South Korea are examples of PubCo’s approach to identifying digital asset related investment opportunities Market Opportunity South Korea: high liquidity, retail demand, political acceptance The Gap Lack of listed institutional vehicles (ETFs) The Solution Listed vehicles in South Korea Mid - 2024 Market understanding + pipeline development Aug 2025 Parataxis Korea (BTC) Jan 2026 Parataxis Ethereum (ETH) * 14 *I n April 2026, Parataxis Ethereum entered into a merger agreement to acquire Parataxis Korea through a share exchange transact ion . The transaction is currently anticipated to close in or about October 2026, subject to closing conditions.

How Pubco Grows Over Time After Business Combination Multiple, complementary potential paths to growth across assets, vehicle and capital DIGITAL ASSET TREASURY VEHICLES IN KOREA NEW STRATEGIES AUGUST 2025 JANUARY 2026 IN DEVELOPMENT FUTURE (Conceptual) Parataxis Korea (BTC) PIF Principal Parataxis Ethereum (ETH)* PIF Additional Digital Asset Treasury Vehicles PIF Principal Digital Credit PIF Seed Capital Yield Strategies PIF Seed Capital (Additional Digital Asset related Investments) (New Digital Asset Investment Themes) (Strategic Opportunities) PIF = Private Investment Funds Principal = Balance Sheet Co - Investment Seed Capital = Balance Sheet Capital Invested for New Strategies CAPITAL BASE BTC - centric capital base with potential for BTC yield Balance sheet capital supports growth of private investment funds and AUM Capital can be invested into multiple strategies 15 Note: illustrative only. Describes platform architecture and potential growth pathways; not a forecast, projection or commitm ent *In April 2026, Parataxis Ethereum entered into a merger agreement to acquire Parataxis Korea through a share exchange transa cti on. The transaction is currently anticipated to close in or about October 2026, subject to closing conditions.

Why Digital Assets Enable Potential for Rapid Scale Traditional Asset Classes Digital Assets Capital deployment is time - and resource - constrained Private capital deployment requires sourcing, diligence, negotiation and closing Liquid capital deployment subject to market impact and liquidity limits New strategies and funds generally require additional headcount and infrastructure Capital deployment is immediate Markets are becoming deeper and more liquid and continuously open Monetization is not gated by exits or buyers Multiple strategies can be run from a single underlying risk source (e.g., BTC) Illustrative reference $1bn digital asset position can be deployed and liquidated immediately if required Implications for PubCo Deployment is not the bottleneck Reduces “J - curve” in capital deployment in new product launches Potential to scale AUM faster than headcount and operational capacity Supports continuous balance sheet capital deployment, rather than episodic deployment cycles Illustrative reference $1bn private equity fund may take 2 - 3 years to deploy and 5 - 7 years to fully monetize Structural characteristics that create potential for asset managers to scale faster than in traditional asset classes 16 Note: Illustrative references shown for conceptual purposes only.

Why Pubco Is Positioned to Win History & Marketable Track Record Digital Asset + Capital Markets Experience Early - Mover and Incumbent Advantages Listed Company Structures as an Advantage A rare combination of experience, early positioning, and conviction in a listed, scalable company structures in a rapidly institutionalizing market Listed Company Structure Strategy and execution will be built on the team and operating platform of PCM, established in 2019 Hands - on experience operating in digital asset market + institutional capital markets experience Early market entry (e.g., South Korea) has created incumbency Public listing provides transparency and governance, and access to capital positioned for institutional adoption of digital assets 17

Illustrative Valuation Framework Private Investment Funds Balance Sheet Assumptions (based on market fee structures; not a forecast) Management fee assumption: ~1.5% of AUM Margin profile: ~50% EBITDA margin Illustrative Scale Math EBITDA Revenue AUM ~$7.5m ~$15m $1bn ~$22.5m ~$45m $3bn ~$37.5m ~$75m $5bn Valuation Framework (Illustrative) High - quality alternative asset managers with recurring and growing fee base may be valued at 15 - 25x EBITDA Illustrative Equity Value: ~$100m to ~$1bn Assumptions Pro forma capital at close: ~$240m (assumes no redemptions from SBXD trust account) Illustrative return assumptions for Treasury: 5 - 10% in BTC terms / 20%+ in USD terms (including potential appreciation of BTC in USD terms) Illustrative return assumptions for Principal Capital: 20%+ (in USD terms) Valuation Framework (Illustrative) Financial institutions that sustainably generate 20%+ ROE may be valued at >2.0x book Illustrative Equity Value: ~$500m+ Illustrative Investment Thesis Provides core exposure to digital assets through a BTC - centric balance sheet Adds embedded optionality from potential growth of AUM and investment returns from institutional adoption of digital assets Potential to accrete value from both asset appreciation and the growth of institutional financial activity PubCo is positioned to provide digital asset exposure with embedded upside optionality on the institutionalization of the asset cla ss Following the Business Combination, and assuming successful execution of its intended strategy, Pubco could be evaluated on a “sum of the parts” basis 18 Note: AUM refers to assets under management. EBITDA refers to earnings before interest, taxes, depreciation, and amortization an d is a non - GAAP financial measure and may not be comparable to similarly titled measures used by other companies. Illustration is shown for conceptual purposes only and do not represent forecasts.

Additional Background

25.4% 50.8% 10.2% 13.5% Parataxis Holdings Shareholders SBXD Public Shareholders Preferred Equity Investors (on an as-converted basis) SBXD Founder Shares and Private Placement Shares Implied Shares Outstanding (M) 10.0 Parataxis Holdings Shareholders 2 20.0 SBXD Public Shareholders 4.0 Preferred Equity Investors (on an as - converted basis) 1 5.3 SBXD Founder Shares and Private Placement Units 3 39.3 Total Shares Outstanding (M) $393 Implied Pro Forma Equity Value ($M) @ $10.00 Per Share Illustrative Sources and Uses ($M) 1 Illustrative Pro Forma Ownership and Valuation Summary 1 Pro Forma Ownership (%) 1 Sources $100.0 Parataxis Equity Rollover 2,3 195.8 Cash to Balance Sheet 30.8 Bitcoin Purchase 1 14.7 Estimated Transaction Expenses 4.3 Repayment of Parataxis Promissory Note 4 8.9 Additional Investment in Parataxis Korea 1 $354.5 Total Uses Uses Pro Forma Financial Summary No Redemption Scenario $100.0 Parataxis Equity Rollover 2 211.2 SBXD Cash in Trust Account 31.0 Proceeds of Preferred Stock 1 12.3 Proceeds of Collateralized Term Loan 1 $354.5 Total Uses Notes: Assumes 0% redemptions from SBXD trust (based on cash in trust per share of $10.56 as of September 30, 2025), and excl ude s dilutive impact of 6.82 million SBXD warrants outstanding with a strike price of $11.50 and impact of shares subject to an earnout as des cribed below. (1) For illustrative purposes, includes (i) the impact of the $31 million of capital raised in August 2025 in the form of preferr ed stock of Parataxis Holdings, which will be converted into common stock of PubCo upon Closing of Business Combination subject to certain adjustme nts , (ii) the purchase of 263.8 Bitcoin in August 2025, (iii) $12.3 million of proceeds from the collaterized term loan issued in November 202 5, and (iv) the purchase of shares of Parataxis Korea for approximately $8.9 million in December 2025. (2) Based on “pre money” valuation of $100 million ascribed to Parataxis Holdings, and it excludes impact of up to 5 million shar es subject to an earnout at $12.50, and up to 2.5 million shares subject to an earnout at $15.00. Edward Chin will be issued Class C Stock, wh ich have the same economic rights as Class A Stock, and Class C Stock collectively will have 80% of the voting power of all shares of capi tal stock of Parataxis Holdings post Closing of the Business Combination, subject to certain conditions. All other stockholders will be is sue d Class A Stock. (3) Consists of 4.85 million Founder Shares and 0.455 million Private Placement Shares. Excludes up to 0.15 million sponsor earno ut shares. (4) Parataxis Holdings entered into a financing agreement that provided for $4 million (at a 15% PIK rate) as part of the total f und ing to acquire the controlling stake in Parataxis Korea. The above illustration assumes closing occurs 6 months from timing of funding of th is bridge facility for illustrative purposes. 20

Transaction Background On June 20, 2025, Parataxis Holdings announced a definitive agreement to invest KRW 25 billion (approximately US$20 million) into Bridge Biotherapeutics (“Bridge Bio”) Parataxis Holdings was established to execute on a plan developed over 12 months to identify and develop digital asset investment opportunities in South Korea Members of Parataxis Holdings management team developed a pipeline of potential digital asset investment opportunities, and have conducted extensive due diligence on potential targets and feasibility of the execution plan Post - transaction, the company was renamed “Parataxis Korea” and implemented a BTC treasury strategy to hold BTC and manage BTC - denominated treasury activities, including mining operations Existing management team was retained to run core business operations, with Andrew Kim (partner at PCM) appointed as CEO of Parataxis Korea Current Structure In August 2025, Parataxis Holdings invested KRW 25 billion (~$20 million) into Parataxis Korea (i) ~$16 million from Parataxis Korea Fund I LLC and (ii) ~$4 million directly from Parataxis Holdings In September 2025, Parataxis Korea Fund II LLC invested an additional KRW 4.5 billion (~$3 million) In December 2025, Parataxis Holdings, Parataxis Korea Fund I LLC and Parataxis Korea Fund II LLC invested an additional KRW 15 billion (~$10 million) in Parataxis Korea LP Investors Performance Fees Parataxis Korea Fund II LLC LP Investors Performance Fees ~$4m Principal Capital ~$16m LP Investment ~$3m LP Investment Parataxis Korea Transaction Overview Parataxis Holdings Parataxis Korea Parataxis Korea Fund I LLC Parataxis Korea Fund II LLC The Parataxis Korea transaction established a publicly listed digital asset treasury company in South Korea 21 Note: Above chart is intended to be a simplified representation of the Parataxis group entities and is not intended to be a c omp rehensive representation of legal entities.

Transaction Background In January 2026, certain affiliates of Parataxis Holdings closed on an investment of KRW 35 billion (approximately US$25 million) into Sinsiway Co., Ltd. (KOSDAQ: 290560) The transaction set the stage for South Korea’s first Ethereum - based treasury company listed on South Korean public markets The company was renamed “Parataxis Ethereum, Inc.” and began to implement an ETH treasury strategy focused on holding ETH and managing ETH - denominated treasury activities Existing management team has been retained to oversee existing business operations, with Michael Myunghoon Lee appointed as CEO of Parataxis Ethereum In April 2026, Parataxis Ethereum entered into a merger agreement to acquire Parataxis Korea through a share exchange transaction. The transaction is currently anticipated to close in or about October 2026, subject to closing conditions. Transaction Structure Parataxis Ethereum Transaction Overview LP Investors Performance Fees Parataxis Korea Fund II LLC LP Investors Performance Fees Principal Capital LP Investment LP Investment Parataxis Holdings Parataxis Korea Parataxis Korea Fund III LLC Parataxis Korea Fund IV LLC Parataxis Ethereum Parataxis Ethereum transaction established the first publicly listed ETH - focused digital asset treasury company 22 Note: Above chart is intended to be a simplified representation of the Parataxis group entities and is not intended to be a c omp rehensive representation of legal entities.

Institutional Custody All digital assets will be held with qualified third - party custodians that meet rigorous institutional standards for security, insurance, and auditability Parataxis Holdings will not self - custody any portion of its BTC position Custodial relationships will be reviewed periodically and approved in accordance with board - defined risk management criteria Governance and Disclosure PubCo will maintain a clearly articulated BTC treasury mandate and adhere to public market disclosure practices Digital asset holdings, relevant financial metrics, and material transaction activity will be reported regularly Any material changes to the treatment or use of BTC — including yield generation or other active management — will be subject to board oversight and appropriate investor disclosure Strategy Overview Leverages experience and track record of PCM in managing market - neutral trading strategies focused on generating BTC yield Objective of generating consistent, risk - conscious yield on BTC holdings with a primary focus on preservation of capital While the underlying framework aligns with established income - generating techniques (e.g., writing covered calls on spot BTC holdings), our ability to deploy this approach is informed by years of operating experience in digital asset markets and managing assets for institutional allocators Strategy also leverages PCM’s understanding and relationships with institutional counterparties to access liquidity across global venues for optimal execution via ISDA relationships, allowing for minimized slippage, bypassing intermediaries, and avoiding exposure to unregulated offshore platforms Parataxis Holdings Expects to Leverage PCM’s Relationships with Key Counterparties and Service Providers Pubco’s Digital Asset Treasury Strategy Proposed Transactions with SBXD would provide public shareholders direct access to experienced principals, who would manage an institutional - grade digital asset treasury yield strategy 23

$- $5,000 $10,000 $15,000 $20,000 2/26 2/27 2/28 2/29 3/4 3/5 3/6 3/7 3/8 3/11 3/12 3/13 3/14 3/15 3/18 3/19 3/20 3/21 3/22 3/25 3/26 KOPSI KOSDAQ Korea CEXs $m Crypto Exchange Volume vs. KOPSI and KOSDAQ Stock Exchanges (2024) $- $200 $400 krw usd eur jpy gbp brl mxn aud usd krw eur jpy gbp brl mxn aud usd krw eur jpy gbp brl mxn aud $bn 2024 Global Quarterly Trade Volume – Currency Pair Q1 Q2 Q3 $0 $10,000 $20,000 $30,000 $40,000 $50,000 South Korea (Only KOPSI) Japan Indonesia Thailand Stock Market CEXs $m Relative crypto vs. stock trading activity in major APAC markets Significant Demand for Digital Asset Exposure in South Korea South Korean Crypto Volumes Often Surpass Domestic Equity Markets 1 KRW Leads Global Crypto Trading Volume 2 South Korean Appetite For Crypto Dwarfs Other APAC Regions 3 24 1. KRX, CoinGecko; 2. Kaiko Data ; 3. KRX, JPX, IDX, SET, CoinGecko

Structural Supply Side Constraints in South Korea Regulatory constraints create structural barriers for the largest pools of capital to express BTC exposure Direct ownership constraints create opportunity for alternative in an actively - managed, listed equity vehicles Consistent Korean Premium in Digital Assets Create Friction Points to Direct Exposure Structural supply and access constraints create opportunity for exposure through traditional financial vehicles (e.g. listed equity) No BTC related equity, credit, or ETF options available on KOSPI or KOSDAQ markets (the preferable instrument for institutional investors) The ability to express BTC exposure is limited for institutions and traditional asset class investors 25 Due to market structure and domestic BTC price differences (sometimes referred to as the “kimchi premium”), direct exposure can present challenges for certain institutional investors 0.0 % 10.0 % Bitcoin Price Premium in Korea Jan 2021 Jan 2022 Jan 2023 Jan 2024 Jan 2025 Dec 2025 25 Source: Publicly available and third - party market data.

Risks Related To PubCo’s Business And Bitcoin Treasury Strategy And Holdings Risk Factors Upon the Closing of the Business Combination, PubCo’s principal asset will be Bitcoin . Bitcoin is a highly volatile asset, and PubCo’s operating results may significantly fluctuate, including due to the highly volatile nature of the price of Bitcoin and erratic market movements . The concentration of PubCo’s Bitcoin holdings enhances the risks inherent in a Bitcoin strategy . Due to PubCo’s limited operating history and the concentration of its Bitcoin holdings, it will be difficult to evaluate PubCo’s business and future prospects, and PubCo may not be able to achieve or maintain profitability in any given period . In addition, following the Closing, PubCo will be highly dependent on operational services to be provided by PCM and third - party service providers . PubCo will operate in a highly competitive environment and will compete against companies and other entities with similar strategies, including companies with significant Bitcoin holdings and spot exchange traded funds and spot exchange traded products ("ETPs") for Bitcoin, ETH and other digital assets, and PubCo’s business, operating results, and financial condition may be adversely affected if PubCo is unable to compete effectively . Investing in Bitcoin exposes PubCo to certain risks associated with Bitcoin, such as price volatility, limited liquidity and trading volumes, relative anonymity, potential susceptibility to market abuse and manipulation, compliance and internal control failures at exchanges and other risks inherent in its entirely electronic, virtual form and decentralized network . PubCo’s risk management methods to address these risks might not be effective . Upon Closing, PubCo will be exposed to risks related to Ether through the Ether strategy and holding of Parataxis Ethereum . PubCo may change, reduce, or abandon its business strategy, which could adversely affect the market price of its listed securities and investor expectations . PubCo’s quarterly operating results, revenues, and expenses may fluctuate significantly, which could have an adverse effect on the market price of its common stock . The value of PubCo’s common stock will depend to a great extent on market demand for PubCo’s Bitcoin strategy . If market demand for that strategy were to diminish, the value of PubCo’s common stock could decrease significantly . Future developments regarding the treatment of crypto assets for U . S . and foreign tax purposes could adversely impact PubCo’s business . Unrealized fair value gains on its Bitcoin holdings could cause PubCo to become subject to the corporate alternative minimum tax under the Inflation Reduction Act of 2022 . The emergence or growth of other digital assets, including those with significant private or public sector backing, including by governments, consortiums or financial institutions, could have a negative impact on the price of Bitcoin and adversely affect PubCo’s business . Bitcoin, ETH and other digital assets are novel assets, and are subject to significant legal, commercial, regulatory and technical uncertainty and PubCo’s Bitcoin strategy could subject PubCo to enhanced regulatory oversight . Bitcoin, ETH and other digital assets trading venues may experience greater fraud, security failures or regulatory or operational problems than trading venues for more established asset classes . PubCo’s Bitcoin holdings will be less liquid than existing cash and cash equivalents and may not be able to serve as a source of liquidity for it to the same extent as cash and cash equivalents . If PubCo or its third - party service providers experience a security breach or cyber - attack and unauthorized parties obtain access to its Bitcoin assets, PubCo may lose some or all of its Bitcoin temporarily or permanently and its financial condition and results of operations could be materially adversely affected . PubCo faces risks relating to the custody of its Bitcoin, including the loss or destruction of private keys required to access its Bitcoin and cyberattacks or other data loss relating to its Bitcoin, which could cause PubCo to lose some or all of its Bitcoin . Regulatory change reclassifying Bitcoin as a security could lead to the PubCo’s classification as an “investment company” under the Investment Company Act of 1940 and could adversely affect the market price of Bitcoin and the market price of PubCo listed securities . Any such regulatory change could also require PubCo to institute burdensome regulatory requirements, and its activities may be restricted . PubCo is not subject to the legal and regulatory obligations that apply to investment companies such as mutual funds and exchange - traded funds, or to obligations applicable to investment advisers, which could pose risks to investors . If PubCo were to become subject to the legal and regulatory obligations that apply to investment companies such as mutual funds and exchange - traded funds, or to obligations applicable to investment advisers, the costs of compliance could be burdensome and could prevent PubCo from executing its Bitcoin strategy . PubCo’s Bitcoin strategy exposes it to risk of non - performance by counterparties, including, in particular, risks related to its custodians . Because a substantial portion of PubCo’s total assets will consist of Bitcoin, a prolonged decline in the market price of Bitcoin could cause PubCo to fall below the applicable stock exchange continued listing standards for minimum stockholders’ equity or market value of listed securities . Negative developments in the cryptocurrency industry, including fraud, cybercrime or platform failures, may result in unfavorable publicity and could impact investor sentiment with respect to PubCo even if PubCo is not directly involved in any of the reported events . 26

Risks Related To The Business Combination Risk Factors The consummation of the Business Combination is subject to a number of factors, including the successful execution by the parties of a definitive business combination agreement . The consummation of the Business Combination is expected to be subject to a number of conditions and if those conditions are not satisfied or waived, any definitive agreement relating to the Business Combination may be terminated in accordance with its terms and the Business Combination may not be completed . The principal assets of PubCo following the Business Combination will be its Bitcoin holdings and cash and cash equivalents from the proceeds of the Business Combination and the Private Offerings not invested in Bitcoin . Although PubCo is expected to have certain other operations, PubCo will depend on such retained cash and cash equivalents to pay its debts and other obligations . If the Business Combination is not approved and SBXD does not consummate another initial business combination by its deadline, then the ordinary shares of SBXD held by the Sponsor will become worthless and the expenses it has incurred will not be reimbursed . These interests may influence SBXD’s decision to pursue the Business Combination . Some of SBXD’s executive officers and directors may have conflicts of interest that may influence or have influenced them to support or approve the Business Combination without regard to your interests or in determining whether Parataxis Holdings is an appropriate target for SBXD’s initial business combination . In particular, SilverBox Securities, an affiliate of the Sponsor, is entitled to receive advisory fees upon consummation of the Business Combination . The benefits of the Business Combination may not be realized to the extent currently anticipated by SBXD or Parataxis Holdings, or at all . SBXD and Parataxis Holdings will incur significant transaction and transition costs in connection with the Business Combination, which could be higher than currently anticipated . The market price of PubCo’s common stock after the Business Combination will be affected by factors different from those currently affecting the prices of Class A ordinary shares of SBXD . The ability of public shareholders of SBXD to exercise redemption rights with respect to a large number of SBXD’s public shares may reduce the amounts in SBXD’s trust account that would be available to PubCo after the Business Combination or may make it difficult to obtain or maintain the listing or trading of PubCo common stock on a major stock exchange, and consequently may not allow the parties to complete the Business Combination, or to optimize PubCo's capital structure following the Business Combination . In the past year, there has been a precipitous drop in the market values of companies formed through mergers involving special purpose acquisition companies . Securities of companies, such as PubCo, that formed through business combinations with special purpose acquisition companies, such as SBXD, may experience a material decline in price relative to the share price of the special purpose acquisition companies prior to such business combinations . As a result, securities of companies, such as PubCo, may be more volatile than other securities and may involve special risks . Litigation relating to the Business Combination could result in an injunction preventing completion of the Business Combination, substantial costs to Parataxis, PubCo and SBXD, and/or may adversely affect PubCo’s business, financial condition or results of operations following the Business Combination . The trading price and volume of the PubCo Class A Stock may be volatile following the Business Combination and an active trading market may not develop, which may limit your ability to sell PubCo securities . Volatility in the price of the PubCo Class A Stock could subject PubCo to securities class action litigation . After the Closing, PubCo stockholders may experience dilution in the future due to exercise of a significant number of existing warrants and any future issuances of equity securities in PubCo . PubCo will have a dual - class multiple voting common stock structure, and it cannot be predicted the effect this structure of the PubCo common stock may have on the market price of the PubCo Class A Stock . The issuances of additional shares or convertible securities by PubCo, including additional shares of PubCo Class A stock under the equity line facility, may result in material dilution to future PubCo stockholders and have a negative impact on the market price of the PubCo Class A stock . and result in PubCo experiencing difficulty maintaining listing requirements . Investors in the Equity Offering will experience immediate and material dilution upon closing of the Business Combination as a result of the SBXD Class B ordinary shares held by the Sponsor, since the value of the SBXD Class B ordinary shares is likely to be substantially higher than the nominal price paid for them, even if the trading price of the PubCo Class A Stock at such time is substantially less than the price per share paid by investors in the Equity Offering . Future resales of PubCo Class A Stock after the consummation of the Business Combination may cause the market price of PubCo’s securities to drop significantly . Proceeds of the Equity Offering will be invested in Bitcoin immediately . The price of Bitcoin is volatile, and the investors in the Equity Offering could experience substantial losses related to their Bitcoin investments . 27

Risks Related To The Company’s Affiliations And Investments Risk Factors Conflicts of interest may arise from investment and transaction opportunities involving PubCo, the Company, its affiliates, and other investors and clients . The management of the Company may have competing time demands and business activities that could affect the management of the Company . Stockholders must rely on management of the Company for all investment and management decisions, and the Company’s performance may be adversely affected by the loss or unavailability of key personnel . The Company’s lack of portfolio diversification means that poor performance by the portfolio company could severely impact total returns to investors . There can be no assurance that the Company will be able to consummate the proposed investment in the listed South Korean company on the terms contemplated, or at all . There can be no assurance that stockholders will receive distributions equal to their investment, and the investment is speculative and may result in partial or total loss of capital . The Company’s potential investment in KOSDAQ - listed portfolio companies involves a high degree of risk and may result in the loss of the entire investment . Investments in South Korean issuers subject the Company to unique legal, regulatory, political, currency, and economic risks specific to South Korea, including risks related to geopolitical tensions in the region . Adverse regulatory developments regarding digital assets in South Korea and similar regions could negatively impact the Company’s investments and strategy . The Company’s Korean target may be designated as an affiliated group under Korean law, in which case the group of companies would be required to make certain disclosures and implement additional corporate governance requirements . Investments in Asian securities involve additional risks, such as political instability, economic volatility, and dependence on commodity prices and international trade flows . Portfolio companies of the Company may be subject to significant risks associated with digital assets, including price volatility, regulatory uncertainty, security breaches, and lack of a central marketplace . 28