South Korea’s Bitplanet eyes top Bitcoin 10 holder status with $50M SGA acquisition
Bitplanet, South Korea’s first institutional Bitcoin treasury firm, has accomplished the complete acquisition of SGA Co. Ltd. by means of a $50 million deal, in keeping with a Sept. 11 assertion shared with CryptoSlate.
The transaction marks the conclusion of a 62% takeover of SGA by a world investor consortium, underscoring a rising push to formalize Bitcoin holdings in Asia. Notably, this takeover comes simply two months after the consortium had acquired a majority stake in the firm.
According to the assertion, the deal drew participation from long-standing backers, together with Sora Ventures, Parafi Capital, and KCGI. Additional capital additionally got here from UTXO Management and Kingsway Capital, with UTXO contributing $10 million.
Alongside the buyout, Bitplanet has refreshed its management construction. Jason Fang, founding associate of Sora Ventures, was named Chairman as a part of the agency’s rebrand.
Bitplanet’s aim
Bitplanet stated the enlarged investor base strengthens its technique to change into one of many world’s top 10 Bitcoin holders.
To obtain this aim, Bitplanet must purchase a minimal of 12,000 BTC, which is at present valued at greater than $1.3 billion.
However, the agency seems undeterred by the capital outlay required, because it views the aim as central to establishing South Korea’s position within the worldwide Bitcoin panorama.
Bitplanet Co-CEO Paul Lee careworn that the backing of those skilled and revered world traders gives the sources wanted to generate long-term worth for shareholders.
In addition, Bitplanet plans to roll out a spread of Bitcoin-focused services after the acquisition. The initiatives purpose to extend institutional entry to the asset whereas fostering neighborhood adoption on the nationwide degree.
The firm added that it intends to collaborate with policymakers and monetary establishments to make South Korea a central hub for treasury-backed Bitcoin methods.
Meanwhile, the timing of this acquisition overlaps with different consortium-driven strikes within the Asian Bitcoin market.
In early September, Sora Ventures unveiled a Bitcoin treasury fund with a $1 billion goal for the following six months. The automobile launched with $200 million already dedicated.
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