Bitplanet Launches Groundbreaking Bitcoin Program in South Korea!

Bitplanet Launches Groundbreaking Bitcoin Program in South Korea!

Bitplanet, a listed company from South Korea, has launched a daily Bitcoin accumulation program. On October 26, 2023, Bitplanet acquired 93 BTC as part of a long-term plan to build a treasury of 10,000 BTC. This represents the first regulated Bitcoin purchase by a listed company in South Korea. CEO Simon Gerovich aims to position Bitplanet as South Korea's equivalent of a Bitcoin treasury firm.

The plan for Bitcoin purchases was announced at Bitcoin Asia 2025, with $40 million earmarked for digital assets. Co-CEO Paul Lee explained that Bitplanet has improved its governance and compliance system under the supervision of the South Korean Financial Services Authority. The company has accumulated Bitcoin over the past two weeks using a regulated platform for transparency and risk management.

Market analysis and institutional demand

The Bitcoin market is recovering from an early October liquidation event that affected $19 billion, with Bitcoin prices up 6.7% to around $115,200. Softer U.S. inflation data has boosted expectations for a December rate cut by the Federal Reserve, which is positive for risky assets. Last week, over $600 million flowed into Bitcoin and Ethereum products, indicating renewed institutional demand.

Bitplanet, which trades under the ticker 049470, reported ₩75.5 billion ($55 million) in annual revenue and a net profit of ₩4.7 billion ($3.4 million). The company recently separated from SGA Co., Ltd. rebranded and is moving from a focus on cybersecurity and IT services to a Bitcoin-centric treasury model. The move is part of a trend among Asian listed companies to add Bitcoin to their balance sheets after South Korea introduced the Digital Asset Basic Act in June.

Future perspectives

The Digital Asset Basic Act is scheduled to come into effect by 2027 and provide uniform rules for token custody and corporate ownership of cryptocurrencies. Bitplanet is already working under a stricter interpretation of existing guidelines to prepare for the new law. The developments that Bitplanet aims to initiate could significantly impact the digital asset market in South Korea and beyond.

Crypto.news reports that the company's daily purchases represent an important step in the evolution of digital assets in the region.