South Korea’s publicly listed company Bitplanet has begun executing its ambitious Bitcoin accumulation plan, purchasing 93 BTC as part of its daily buying strategy. The move is part of a broader effort to build a substantial Bitcoin treasury, targeting a total holding of 10,000 BTC through $40 million in fresh funding coupled with a company rebrand.
Backed by Metaplanet CEO Simon Gerovich, Bitplanet made its first disclosed Bitcoin purchase on Sunday, signaling the start of many more as it works toward its treasury goal. The company initially announced this strategy during Bitcoin Asia 2025 in late August, unveiling plans to rebrand and dedicate significant resources to acquiring Bitcoin.
Paul Lee, Bitplanet’s co-CEO, told Decrypt that this approach “enables legitimate and prudent risk management” in their Bitcoin acquisitions. Over the past month, Bitplanet has enhanced its governance framework, improved investment protocols, and strengthened capital management processes. Lee also noted that the company had been accumulating Bitcoin daily for approximately two weeks prior to the public announcement. All purchases have been fully disclosed via a compliance monitoring platform overseen by South Korea’s Financial Services Commission (FSC).
The timing of Bitplanet’s accumulation coincides with Bitcoin regaining momentum in October after a recent $19 billion liquidation of leveraged positions. According to CoinGecko, Bitcoin’s price has risen about 6.7% over the past week to $115,200, recovering from lows near $107,000. The asset gained nearly $1,000 on Sunday evening following softer-than-expected U.S. inflation data from Friday, which reinforced hopes of a Federal Reserve rate cut in December. Additionally, Bitcoin and Ethereum exchange-traded funds saw inflows surpassing $600 million over the past week, reversing a previous outflow trend.
Transition from Legacy Tech to Crypto Treasury
Bitplanet is listed on KOSDAQ under the ticker 049470. The company reported trailing twelve-month revenue of approximately ₩75.5 billion (US$55 million) and net income of around ₩4.7 billion (US$3.4 million), reflecting stable core business operations.
Founded in 1997, Bitplanet previously operated under the name SGA Co., Ltd., specializing in IT services and systems integration with expertise in cybersecurity, network infrastructure, and embedded software tailored for government and enterprise clients. In late August, the company announced its strategic shift from legacy IT services to a dedicated Bitcoin treasury model, supported by new institutional investors.
Among Bitplanet’s key investors is Sora Ventures, involved in building a consortium of public companies across Asia focused on establishing digital asset treasuries. This trend persists despite resistance from major regional stock exchanges.
Regulatory Landscape and Future Outlook
South Korea introduced the Digital Asset Basic Act in June 2025, with an expected implementation date by 2027. The legislation aims to unify standards for token issuance, custody, and corporate cryptocurrency holdings.
When asked about Bitplanet’s position in light of the upcoming regulation, Paul Lee emphasized that the company already operates under a “stricter interpretation of current FSC guidance to ensure a smooth transition.” He added that Bitplanet has been actively preparing to meet or exceed future regulatory requirements, reassuring investors of its compliance and forward-looking governance.
As Bitplanet marches toward its 10,000 Bitcoin treasury goal, its strategic acquisitions, enhanced corporate governance, and regulatory preparedness position it as a notable player in South Korea’s evolving digital asset landscape.
https://decrypt.co/346024/korean-public-company-bitplanet-treasury-plan-buys-bitcoin
