In brief
- The company has acquired 93 BTC as part of its daily accumulation program.
- It aims to build a 10,000-Bitcoin treasury using $40 million in fresh funding and a rebrand.
- Bitcoin has been rising steadily over the past week, buoyed by softer U.S. inflation data and ETF inflows.
South Korea’s publicly listed Bitplanet has executed the first of its daily Bitcoin accumulation plan, buying the asset as part of a broader effort to build a significant war chest using the world’s largest crypto.
The Bitcoin treasury company, backed by Metaplanet CEO Simon Gerovich, purchased 93 BTC on Sunday, one of many expected instances, as it marches toward a 10,000 BTC target.
The program, executed via a regulated and compliant infrastructure, is being positioned by the company as the first Bitcoin purchase by a public Korean firm.
Bitplanet first announced its plan to acquire the crypto during Bitcoin Asia 2025 in late August alongside a rebranding, earmarking $40 million for future purchases.
Bitplanet co-CEO Paul Lee told Decrypt their move “enables legitimate and prudent risk management” for Bitcoin acquisitions.
Over the past month, the company has “materially improved” its governance structure and implemented better investment and capital management processes, Lee said, noting that it had been buying Bitcoin daily for roughly two weeks before the announcement.
Lee added that those purchases had been “fully disclosed” through a compliance monitoring platform operated by Korea’s Financial Services Commission.
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.
Bitcoin has climbed roughly 6.7% over the past week to $115,200, recovering from last week’s lows near $107,000, according to CoinGecko data.
The asset added nearly $1,000 to its 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.
Inflows into Bitcoin and Ethereum exchange-traded funds, meanwhile, have reversed a prior outflow trend, with more than $600 million entering the market in the past week.
From legacy tech to crypto
Listed on KOSDAQ as 049470, the public company reported trailing twelve-month revenue of about ₩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, Bitplanet management confirmed the company’s transition from its legacy IT services under SGA Co., Ltd., rebranding to its new name and adopting a dedicated Bitcoin-treasury model 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 building digital asset treasuries, even as major regional stock exchanges have pushed back against the idea.
South Korea’s Digital Asset Basic Act, introduced in June 2025 and expected to take effect by 2027, aims to set unified standards for token issuance, custody, and corporate crypto holdings.
Asked about what investors could expect from Bitplanet once that law sets in, Lee said the company already operates under “stricter interpretation of current FSC guidance to ensure a smooth transition” and had been “preparing to meet or exceed” its regulatory requirements.
Daily Debrief Newsletter
Start every day with the top news stories right now, plus original features, a podcast, videos and more.
