Bitplanet Acquires SGA Co. Ltd to Expand Bitcoin Holdings
South Korea’s first institutional Bitcoin treasury firm, Bitplanet, has completed a $50 million acquisition of SGA Co. Ltd. The deal finalizes Bitplanet’s full takeover of SGA after an initial 62% equity purchase by an international investor group.
This acquisition supports Bitplanet’s goal to become one of the world’s top 10 Bitcoin holders. That status requires holding at least 12,000 BTC, worth about $1.3 billion at current prices.
Strong Backing from Major Investors
The deal includes support from major investors such as Sora Ventures, Parafi Capital, and KCGI. UTXO Management and Kingsway Capital also took part, with UTXO investing $10 million. Following the acquisition, Bitplanet appointed Jason Fang, founding partner of Sora Ventures, as Chairman. The company also announced plans for a strategic rebrand.
Bitplanet’s Co-CEO Paul Lee called the acquisition a turning point. He said the firm now has the capital and institutional strength to grow its treasury strategy. “We’re focused on building national and global infrastructure for Bitcoin as a strategic reserve asset,” Lee said.
Expanding Bitcoin Treasury Market in Asia
Bitplanet aims to launch Bitcoin products for institutions and the public. It will also work with regulators to integrate crypto into South Korea’s financial system. The Bitcoin treasury market is rapidly growing across Asia.
In early September, Sora Ventures launched a $1 billion Bitcoin treasury fund, backed by $200 million in commitments. This move signals Asia’s increasing focus on Bitcoin accumulation and infrastructure development.
