South Korea’s Bitplanet eyes top Bitcoin 10 holder status with $50M SGA acquisition

Core Insights - Bitplanet, South Korea's first institutional Bitcoin treasury company, has completed a $50 million acquisition of SGA Co. Ltd., aiming to become one of the top ten global Bitcoin holders [1][4] Group 1: Acquisition Details - The acquisition marks the completion of a 62% takeover of SGA by an international investor consortium, highlighting a trend to formalize Bitcoin holdings in Asia [2] - The deal involved participation from notable investors such as Sora Ventures, Parafi Capital, and KCGI, with UTXO Management contributing $10 million [3] Group 2: Strategic Goals - Bitplanet aims to acquire a minimum of 12,000 BTC, valued at over $1.3 billion, to solidify its position in the global Bitcoin market [4] - The company plans to introduce a range of Bitcoin-focused products and services to enhance institutional access and promote community adoption [5] Group 3: Future Collaborations - Bitplanet intends to work with policymakers and financial institutions to establish South Korea as a central hub for treasury-backed Bitcoin strategies [6] - The acquisition coincides with other consortium-driven initiatives in the Asian Bitcoin market, including Sora Ventures' launch of a Bitcoin treasury fund targeting $1 billion [6]