South Korean firm Bitplanet has completed the acquisition of SGA Co. Ltd. for $50 million, aimed at increasing its Bitcoin holdings.
Acquisition of SGA Co. Ltd.
The deal was finalized this week and includes a full takeover of SGA following a 62% equity acquisition led by an international investor consortium.
Support and Structure of the Deal
Backers of the deal include Sora Ventures, Parafi Capital, and KCGI. UTXO Management and Kingsway Capital also participated, with UTXO committing $10 million to the round. As part of the acquisition, Bitplanet appointed Sora Ventures founding partner Jason Fang as Chairman.
Bitplanet's Strategy and Goals
Bitplanet's Co-CEO Paul Lee called the deal a turning point, noting the company now has the capital and institutional strength to scale its treasury strategy.
The acquisition of SGA opens new possibilities for Bitplanet in the Bitcoin space, as the market for such assets expands in Asia.
