Parataxis Ethereum파라택시스이더리움

Parataxis Ethereum is a small Korean database security firm now also pursuing an Ethereum treasury plan, with its shares down sharply over the past year.

The company sells database security products and reported trailing twelve-month revenue of ₩15.8B with an operating margin of 25.6%, but a small net loss of ₩0.1B. Its share price has fallen 23.8% over one year and sits far below its 52-week high, while recent filings point to a merger and asset acquisition activity tied to its planned digital asset treasury business.

What stands out

• Revenue grew from ₩10.5B in 2023 to ₩14.0B in 2025, and 2025 net income was ₩3.3B, but trailing results to H1 2026 show a net loss of about ₩0.1B.
• Operating income is still positive at ₩4.0B on a trailing basis, so the gap to net loss is not explained in the data provided.
• The shares trade at about 0.9 times book value, and the company pays no dividend; P/E is not meaningful on current earnings.
• The discounted cash flow model gives a base value of ₩2,614 against a close of ₩1,077, with bear and bull values of ₩1,711 and ₩4,121; these are model outputs, not forecasts.
• Filings in August to October 2026 include a shareholders' meeting, a merger decision, a merger completion report and an asset acquisition and disposal decision; the data does not give details of their terms.
• No recent news headlines were included in the data.

What to watch

• Details of the merger and material asset acquisition from the October 2026 filings, including their financial effect, which the data does not provide.
• Progress of the Ethereum digital asset treasury platform and how it is funded, given cash of ₩2.3B against borrowings of ₩4.0B.
• Full-year 2026 results, to see whether the trailing net loss persists.