South Korea’s first institutional Bitcoin treasury firm, Bitplanet, is making a bold push to join the ranks of the world’s largest Bitcoin (BTC) holders, starting with a $50 million acquisition of SGA Co. Ltd.
Finalized this week, the transaction marks the full takeover of SGA following a 62% equity grab led by an international investor consortium. The deal adds significant fuel to Bitplanet’s ambition to become a top-10 global Bitcoin holder, a status that requires at least 12,000 BTC, or roughly $1.3 billion at current prices.
Backers of the deal include heavyweights such as Sora Ventures, Parafi Capital, and KCGI. UTXO Management and Kingsway Capital also participated, with UTXO committing $10 million to the round. As part of the acquisition, Bitplanet appointed Sora Ventures founding partner Jason Fang as Chairman and confirmed plans for a strategic rebrand under the new structure.
Bitplanet’s Co-CEO Paul Lee called the deal a turning point, noting the firm now has the capital and institutional muscle to scale its treasury strategy and long-term roadmap. “We’re focused on building national and global infrastructure for Bitcoin as a strategic reserve asset,” he said.
The firm is entering a high-stakes race to dominate the treasury-backed Bitcoin market, a space that’s heating up fast across Asia. Bitplanet plans to launch Bitcoin products for both institutions and the public, while working with regulators to embed crypto into South Korea’s financial system.
Meanwhile, momentum is building across the region. In early September, Sora Ventures launched a $1 billion Bitcoin treasury fund, seeded with $200 million in commitments. The signal is clear: Asia’s Bitcoin bid is just getting started.
Also read: Bitcoin eyes $360K As Inverse Head-and-Shoulders Forms
