South Korea’s Bitplanet Kicks Off 10,000 BTC Treasury With First Purchase

Core Insights - Bitplanet, a publicly listed company in South Korea, has made its first Bitcoin purchase of 93 BTC as part of a strategy to accumulate a total of 10,000 BTC [1] - The company has allocated $40 million for its Bitcoin treasury initiative and has undergone a corporate rebranding from SGA Co., Ltd. [2] - Bitplanet has been purchasing Bitcoin daily for approximately two weeks prior to the formal announcement, with all transactions disclosed through a compliance monitoring platform [2] Company Overview - Bitplanet reported trailing twelve-month revenue of approximately ₩75.5 billion ($55 million) and net income of about ₩4.7 billion ($3.4 million), indicating stable core operations [3] - The company previously operated as an IT services and systems-integration firm specializing in cybersecurity and network infrastructure before transitioning to a Bitcoin treasury model [4] Governance and Compliance - Bitplanet has improved its governance structure and enhanced investment and capital management processes over the past month [4] - The firm operates under a stricter interpretation of current Financial Services Commission (FSC) guidance to ensure compliance with South Korea's Digital Asset Basic Act [5] Investment and Partnerships - Sora Ventures is a leading investor in Bitplanet and has been working to build a consortium of public companies across Asia focused on digital asset treasuries [6] - Sora Ventures launched a dedicated Bitcoin treasury fund with an initial commitment of $200 million, aiming to acquire $1 billion worth of Bitcoin within six months [7]