BitPlanet, South Korea's first Bitcoin financing company, has completed its full acquisition of SGA Co. Ltd. in a $50 million transaction, according to a shared September 11 statement. Encryption.
The deal concludes with the international investor consortium's acquisition of SGA 62%, highlighting the growing push to formalize Bitcoin Holdings in Asia. In particular, the acquisition comes just two months after the consortium acquired a majority stake in the company.
The deal was joined by longtime supporters, including Sora Ventures, Parafi Capital and KCGI, according to the statement. Additional capital also came from UTXO Management and Kingsway Capital, with UTXO giving $10 million.
In addition to the acquisition, BitPlanet has refreshed its leadership structure. Jason Fang, founding partner of Sora Ventures, has been appointed chairman as part of the company's brand.
BitPlanet Goals
Bitplanet said the expanded investor base is bolstering its strategy to become one of the top 10 Bitcoin holders in the world.
To achieve this goal, BitPlanet must obtain a minimum of 12,000 BTC. This is currently valued at over $1.3 billion.
However, the company does not appear to be obsessed with the necessary capital expenditures, as it considers its goal to establish South Korea's role in the international Bitcoin landscape.
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Bitplanet co-CEO Paul Lee emphasized that support from these experienced and respected global investors will provide shareholders with the resources they need to create long-term value.
Additionally, BitPlanet plans to roll out its Bitcoin-centric range of products and services following the acquisition. The initiative aims to increase institutional access to assets while encouraging community recruitment at the national level.
The company added that it intends to work with policymakers and financial institutions to make South Korea the central hub of the Ministry of Finance's Bitcoin strategy.
Meanwhile, the timing of the acquisition overlaps with other consortium-led movements in the Asian Bitcoin market.
In early September, Solaventures announced its Bitcoin Finance fund, which has achieved its $1 billion target for the next six months. The vehicle has already been released for $200 million.
