South Korean public company Bitplanet has made its first purchase of 93 BTC as part of its new treasury strategy aimed at building up a significant crypto asset inventory. Backed by Metaplanet CEO Simon Gerovich and Sora Ventures, the company has “embarked on a daily bitcoin accumulation plan.”
According to Bitplanet, this purchase is the first such transaction among public companies in South Korea. The company aims to build a portfolio of 10,000 BTC using $40 million in funding and rebranding the business.
Bitplanet’s co-CEO Paul Lee said that the move “enables legitimate and prudent risk management” in the first cryptocurrency acquisition.
He also stressed that the company had already been buying bitcoin every day for the past two weeks prior to the official announcement, and that all transactions were “fully disclosed” through a monitoring platform controlled by the Financial Services Commission (FSC) of South Korea.
The purchases come as bitcoin is recovering from a $19 billion liquidation of futures positions earlier this month.
As a reminder, the asset managed to reach $116,000 amid the de-escalation of the trade war between China and the United States.
In addition, the inflow of investments in bitcoin ETFs has resumed, amounting to more than $446 million, which has reversed the previous trend of capital outflows.
In August 2025, Bitplanet confirmed its transition from operating under the SGA Co brand to a bitcoin treasury model backed by new institutional investors. Founded in 1997, the firm has been working in the field of cybersecurity, network infrastructure, and embedded software for the public sector and business.
In June 2025, South Korea introduced the Digital Assets Act, which is supposed to implement unified standards for accounting for cryptocurrencies on the balance sheet of companies. The rules will come into force in 2027.
Lee emphasized that Bitplanet is already working in accordance with “a stricter interpretation of the current FSC guidelines to ensure a smooth transition” and “had been preparing to meet or exceed regulatory requirements.”
As a reminder, the FSC has recently banned crypto exchanges from providing cryptocurrency lending services.