South Korea’s Bitplanet has completed a $50 million acquisition of SGA Co. Ltd., a deal that supports its ambition to become one of the world’s top 10 Bitcoin holders. The transaction, led by a global investor consortium, gives Bitplanet the capital to pursue a treasury strategy requiring at least 12,000 BTC to reach its target status.
Major backers include Sora Ventures, Parafi Capital, KCGI, UTXO Management, and Kingsway Capital, with Sora’s Jason Fang appointed as chairman. Co-CEO Paul Lee described the acquisition as a turning point that enables the firm to expand its long-term Bitcoin reserve plans. Bitplanet now intends to introduce Bitcoin products for both institutions and retail, while coordinating with regulators to strengthen its role in South Korea’s financial system.
Across Asia, momentum is growing for Bitcoin treasuries, with Sora Ventures recently launching a $1 billion fund. The region’s focus on Bitcoin as a strategic reserve asset highlights intensifying competition among treasury players.
You need to login in order to Like
Leave a comment