Its ongoing Bitcoin procurement initiative has been launched by Bitplanet, a publicly traded entity supported by Metaplanet s Simon Gerovich and Sora Ventures.
The initial phase of its daily Bitcoin accumulation strategy has been executed by South Korea’s publicly traded Bitplanet, procuring the asset as a component of a larger endeavor to establish a substantial reserve using the preeminent global cryptocurrency.
An acquisition of 93 Bitcoin (BTC) was completed on Sunday by the Bitcoin treasury firm, which is supported by Metaplanet CEO Simon Gerovich, signifying the first of numerous anticipated purchases as the company proceeds toward its goal of 10,000 BTC.
The program, executed via a regulated and compliant infrastructure, is being positioned by the company as the initial Bitcoin acquisition by a public Korean firm.
The intention to purchase the crypto was first announced by Bitplanet during Bitcoin Asia 2025 in late August alongside a rebranding, with $40 million being earmarked for subsequent acquisitions.
Bitplanet co-CEO Paul Lee informed that their action “enables legitimate and prudent risk management” for Bitcoin acquisitions.
Over the past month, the company has “materially improved” its governance structure and better investment and capital management processes have been implemented, Lee said, noting that Bitcoin had been bought by it daily for roughly two weeks before the announcement.
Lee also mentioned that those acquisitions had been “fully disclosed” through a compliance monitoring platform managed by Korea’s Financial Services Commission.
Bitcoin Rebounds as Bitplanet Joins the Buying Momentum
The public company’s decision to accumulate Bitcoin comes as the leading crypto asset regains momentum in October following a $19 billion wipeout of leveraged positions earlier this month.
Roughly $115,200 has been climbed to by Bitcoin over the past week, a surge of 6.7%, recovering from last week’s lows near $107,000, according to CoinGecko data.
Nearly $1,000 was added to the asset’s value Sunday evening, extending gains after softer-than-expected U.S. inflation data from Friday reinforced expectations that the Federal Reserve may further cut rates in December.
A prior outflow trend has been reversed by inflows into Bitcoin and Ethereum exchange-traded funds, with more than $600 million entering the market in the past week.
Transitioning from Legacy Tech to the Crypto Frontier
Listed on KOSDAQ as 049470, the public company reported trailing twelve-month revenue of approximately 75.5 billion (US$55 million) and net income of about 4.7 billion (US$3.4 million), reflecting a relatively stable core operation.
In late August, the company’s transition from its legacy IT services under SGA Co., Ltd., was confirmed by Bitplanet management, rebranding to its new name and a dedicated Bitcoin-treasury model being adopted, supported by new institutional investors.
Founded in 1997, it operated as an IT services and systems-integration firm specializing in cybersecurity, network infrastructure, and embedded software for government and enterprise clients.
Aside from Gerovich, Bitplanet’s leading investor includes Sora Ventures, which has been involved in efforts to build out a consortium of public companies across Asia.
Those companies are currently aligned in constructing digital asset treasuries, even as major regional stock exchanges have pushed back against the concept.
The Digital Asset Basic Act of South Korea, introduced in June 2025 and anticipated to take effect by 2027, aims to set unified standards for token issuance, custody, and corporate crypto holdings.
When questioned about what investors might expect from Bitplanet once that law is enacted, it was stated by Lee that the company already operates under a “stricter interpretation of current FSC guidance to ensure a smooth transition” and had been “preparing to meet or exceed” its regulatory requirements.
