Investors are about to drain a $217 million trust fund while voting to keep its Bitcoin SPAC alive

SilverBox Corp IV shareholders are scheduled to vote Tuesday on a four-month extension that could prevent the SPAC from liquidating. Even if it passes, however, it would not preserve the $217 million trust tied to its proposed Bitcoin SPAC deal with investment firm Parataxis Holdings.The August 11 meeting is set for 10:00 a.m. Eastern Time. SilverBox wants to move its business-combination deadline from August 19 to December 19 and remove a $5,000,001 net-tangible-assets redemption limit. Each of the two amendments needs at least two-thirds of votes cast by shareholders present and entitled to vote. Both must be approved and implemented for the extension to take effect.Shareholders are not voting on the Parataxis merger itself, which SilverBox says would require a separate meeting. Approval would give the SPAC more time, while investors who timely and properly elect redemption may redeem their shares regardless of how or whether they vote.SilverBox reported $217,134,228 in its trust as of June 30 and estimated that redemptions at the extension meeting would be worth about $10.85 per public share. It warned that the balance left after valid elections could be only a small fraction of...