Bitplanet, South Korea’s first institutional Bitcoin treasury company, has completed the full acquisition of SGA Co. Ltd. through a $50 million deal, according to a Sept. 11 statement shared with CryptoSlate.
The transaction marks the conclusion of a 62% takeover of SGA by an international investor consortium, underscoring a growing push to formalize Bitcoin holdings in Asia. Notably, this takeover comes just two months after the consortium had acquired a majority stake in the firm.
According to the statement, the deal drew participation from long-standing backers, including Sora Ventures, Parafi Capital, and KCGI. Additional capital also came from UTXO Management and Kingsway Capital, with UTXO contributing $10 million.
Alongside the buyout, Bitplanet has refreshed its leadership structure. Jason Fang, founding partner of Sora Ventures, was named Chairman as part of the firm’s rebrand.
Bitplanet’s goal
Bitplanet said the enlarged investor base strengthens its strategy to become one of the world’s top 10 Bitcoin holders.
To achieve this goal, Bitplanet would have to acquire a minimum of 12,000 BTC, which is currently valued at more than $1.3 billion.
However, the firm appears undeterred by the capital outlay required, as it views the goal as central to establishing South Korea’s role in the international Bitcoin landscape.
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Bitplanet Co-CEO Paul Lee stressed that the backing of these experienced and respected global investors provides the resources needed to generate long-term value for shareholders.
In addition, Bitplanet plans to roll out a range of Bitcoin-focused products and services after the acquisition. The initiatives aim to increase institutional access to the asset while fostering community adoption at the national level.
The company added that it intends to collaborate with policymakers and financial institutions to make South Korea a central hub for treasury-backed Bitcoin strategies.
Meanwhile, the timing of this acquisition overlaps with other consortium-driven moves in the Asian Bitcoin market.
In early September, Sora Ventures unveiled a Bitcoin treasury fund with a $1 billion target for the next six months. The vehicle launched with $200 million already committed.
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Source: https://cryptoslate.com/south-koreas-bitplanet-eyes-top-bitcoin-10-holder-status-with-50m-sga-acquisition/
