South Korea's publicly listed company Bitplanet has initiated its daily Bitcoin accumulation program, purchasing 93 BTC on October 26 as part of a long-term plan to build a 10,000 BTC treasury. This marks the first fully regulated Bitcoin purchase by a public company in South Korea, positioning Bitplanet as a Bitcoin treasury firm backed by Metaplanet CEO Simon Gerovich and investors like Sora Ventures.
The company, listed on KOSDAQ under ticker 049470, rebranded from SGA Co., Ltd., shifting from its legacy IT services to a Bitcoin-focused model. It earmarked $40 million for digital asset acquisitions, with the plan first unveiled at Bitcoin Asia 2025 in late August. Co-CEO Paul Lee stated that Bitplanet has materially improved its governance and compliance systems, operating under the oversight of Korea's Financial Services Commission and using a regulated platform for transparency.
Bitplanet reported annual revenue of ₩75.5 billion ($55 million) and net income of ₩4.7 billion ($3.4 million), reflecting stable operations. The move comes as Bitcoin rebounds to $115,200, up 6.7% over the past week from lows near $107,000, fueled by softer U.S. inflation data and expectations of Federal Reserve rate cuts. Exchange-traded fund inflows have returned, with over $600 million entering Bitcoin and Ethereum products in the past week.
This trend aligns with South Korea's Digital Asset Basic Act, introduced in June 2025 and expected to take effect by 2027, which sets unified rules for corporate crypto holdings. Lee confirmed that Bitplanet is already operating under a stricter interpretation of existing guidance to ensure a smooth transition once the law is enforced.
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