The South Korean listed company, Bitplanet, has just launched a “a disciplined Bitcoin buy program” in which it will buy Bitcoin every day. Daily purchases are to reduce timing risk and to formalize Bitcoin as a strategic treasury reserve asset. The company aims to acquire 10,000 BTC over an unspecified time period (worth about $1.11 billion at today’s prices).
The company has kicked off the program buying 93 BTC, which is being touted as “the first Bitcoin purchase by a publicly listed company in Korea executed entirely through regulated and compliant infrastructure”.
To support this plan, the company recently raised $40 million, earmarked to fund ongoing accumulation and strengthen balance-sheet optionality as BTC market conditions evolve.
Bitplanet’s transformation is one of the most strikingcorporate pivots in Asia this year. Formerly known as SGA Co Ltd, the company operated in the fields of cybersecurity, embedded software and network infrastructure before rebranding and shifting its entire business model toward a Bitcoin accumulation strategy.
First mover to bring more movers
As a first mover in South Korea, the strategy is significant in that it will most likely lead to other South Korean companies adopting a similar strategy.
According to data, 351 entities hold 4.04M $BTC, led by the Nasdaq-listed Strategy which holds 640,418 BTC valued at over $74 billion. Japan’s MetaPlanet – which is a backer of Bitplanet – is Asia’s largest corporate holder of Bitcoin with 30,823 BTC worth some $3.5 billion.
As tech-savvy South Korea enters the Bitcoin treasury model, expect to see this model gain traction elsewhere in Asia.