South Korea is about to see the launch of the first institutional Bitcoin treasury with Bitplanet planning to invest $40 million in Bitcoin. The announcement was made by Paul Lee, co-founder and managing partner of Lobo Ventures.
Launch of Bitplanet and Bitcoin Investment
Paul Lee revealed that just two days prior, an investor consortium led by his group acquired 62% of SGA, a CoStack-listed systems integration provider. With full board control now secured, the company will be rebranded as Bitplanet within two weeks. On its launch day, Bitplanet will immediately allocate $40 million into Bitcoin, marking a significant step for institutional investment in digital assets in South Korea.
Rebranding of SGA to Bitplanet
SGA will be rebranded as Bitplanet following a third-party share placement, with Asia Strategy Partners taking the lead as the largest shareholder. The company had previously kept a portion of its treasury in Bitcoin, giving Bitplanet an early advantage as it moves toward crypto-driven financial strategies.
Strategic Goals of Bitplanet
Lee emphasized the significance of the launch, noting that retail investors, institutions, and policymakers are all paying attention to Bitcoin. He stated, 'Korea is at an inflection point in recognizing Bitcoin as the key asset for the future.' Bitplanet’s ambitions extend beyond its initial $40 million allocation as the company aims to acquire 10,000 Bitcoins and eventually rank among the top 10 corporate Bitcoin holders globally.
Bitplanet sets an ambitious standard for institutional Bitcoin treasuries in South Korea by combining compliance, transparency, and innovation.
