South Korea is now in the corporate bitcoin adoption race. Bitplanet, a newly rebranded financial firm, has announced the country’s first institutional-grade bitcoin treasury with a $40 million BTC allocation.
The news was revealed at Bitcoin Asia 2025 in Seoul by Paul Lee, Co-Founder and Managing Partner of Lobo Ventures, who called it a game-changer for the company and the financial industry in South Korea.
“Just two days ago, our investor consortium acquired 62% of SGA, a CoStack-listed SI provider, giving us full board control. Within two weeks, we will rebrand it as Bitplanet and immediately deploy over $40 million into our bitcoin strategy,” Lee said during the announcement.
This allows the company to expand more securely and efficiently, without relying heavily on borrowed funds.
Bitplanet is born from the rebranding of SGA, a CoStack-listed systems integrator. Last month, Lee’s investor consortium, with support from Asia Strategy Partners, acquired a 62% controlling stake in SGA through a third-party share placement.
This paved the way for the company to transform into a bitcoin treasury firm.
Reports say SGA had already held bitcoin in its corporate reserves but the new Bitplanet identity means a much bigger commitment.
Backed by Asia Strategy Partners’ treasury management expertise, the company will expand into institutional-grade bitcoin custody and asset management services and create a roadmap for new bitcoin-based financial products.
Lee said it’s more than a rebrand – it’s a shift from a tech provider to a bitcoin treasury for institutions.
One of the most interesting aspects of Bitplanet’s plan is its debt-free structure. Unlike many companies that borrow to fund large treasury moves, Bitplanet is deploying its $40 million allocation without debt.
Lee explained that the streamlined structure allows the company to avoid debt and market overexposure. By holding bitcoin directly and without leverage, Bitplanet aims to be long-term sustainable and flexible in treasury management.
Industry experts say this approach will help build confidence among investors who are often wary of bitcoin markets. It also gives Bitplanet the ability to expand into other services without being tied down by financial liabilities.
Bitplanet’s entry comes as more companies in Asia are jumping into bitcoin. Metaplanet still leads as the region’s top bitcoin treasury company, but others are starting to build up their own holdings too.
Earlier this month, Hong Kong–based Top Win International, a luxury watch seller, adopted a bitcoin treasury plan after merging with Sora Ventures. The company says it has raised $10 million to kick off its bitcoin strategy.
