South Korea’s Bitplanet Buys 93 BTC: Future or Fad?

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South Korea’s publicly listed Bitplanet has begun its daily Bitcoin accumulation program, purchasing 93 BTC on Oct. 26 as part of a long-term plan to build a 10,000 BTC treasury. 🤯

Summary

  • Bitplanet begins daily Bitcoin buys, acquiring 93 BTC as part of a 10,000 BTC treasury plan. Because nothing says “financial stability” like holding crypto. 🤷♂️
  • The move marks Korea’s first regulated Bitcoin purchase by a listed firm. Or, as I like to call it, “regulation by accident.” 📜
  • Comes as Bitcoin rebounds to $115K on ETF inflows and Fed rate-cut hopes. Because nothing says “economic confidence” like a 6.7% weekly gain. 📈

The move marks the country’s first fully regulated Bitcoin purchase by a public company. The KOSDAQ-listed firm, backed by Metaplanet chief executive officer Simon Gerovich, is positioning itself as Korea’s version of a Bitcoin treasury company. 🏦💸

As reported by Yahoo Finance on Oct. 27, its latest buy follows a plan first unveiled at Bitcoin Asia 2025, where Bitplanet earmarked $40 million for digital asset acquisitions. Because who wouldn’t want to invest in a bubble? 🪨

Bitcoin treasury moves amid regulatory compliance

Co-CEO Paul Lee said the company has strengthened its governance and compliance systems, working under oversight from Korea’s Financial Services Commission. Or, as I call it, “compliance by paperwork.” 📄

Bitplanet’s entry into Bitcoin comes as the crypto market rebounds from early October’s $19 billion liquidation event. Bitcoin rose 6.7% over the past week to around $115,200, recovering from lows near $107,000. Because nothing says “recovery” like a 6.7% bounce. 🎉

Exchange-traded fund inflows have also returned, with over $600 million entering Bitcoin and Ethereum products in the past week, signaling renewed institutional demand after weeks of outflows. Because nothing says “trust” like pouring money into a volatile asset. 💸

From IT roots to crypto finance

Bitplanet, listed under ticker 049470, reported ₩75.5 billion ($55M) in annual revenue and ₩4.7 billion ($3.4M) in net income. The firm recently rebranded from SGA Co., Ltd., shifting from its cybersecurity and IT services business to a Bitcoin-focused treasury model backed by investors such as Sora Ventures. Because why not pivot to crypto when you’re already in tech? 🧠

Founded in 1997, Bitplanet is part of a growing group of Asian public firms adding Bitcoin to balance sheets. This trend follows the introduction of South Korea’s Digital Asset Basic Act in June. Expected to take effect by 2027, it provides unified rules for token custody and corporate crypto ownership. Because nothing says “forward-thinking” like waiting until 2027 to regulate something. 🕒

Lee said the firm already operates under a “stricter interpretation” of existing guidance to ensure readiness once the law is enforced. Or, as I call it, “regulating ourselves into oblivion.” 🧠

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2025-10-27 07:54