Rich by Coin

In a landmark move for South Korea’s financial markets, Bitplanet, a KOSDAQ-listed company formerly known as SGA, has acquired 35 additional Bitcoin, bringing its total holdings to 300 BTC. The purchase was executed through Upbit, South Korea’s largest cryptocurrency exchange, underscoring growing institutional crypto adoption within Asia’s fourth-largest economy. Bitplanet transferred USDT stablecoins from an existing custodian to Upbit and converted these into 35 Bitcoin, illustrating a treasury-led, on-exchange purchase.

The method highlights several trends in institutional crypto adoption. First, using USDT as an intermediary asset demonstrates sophisticated treasury management, and the selection of Upbit as the execution venue marks a notable development. While global institutions typically rely on offshore exchanges or over-the-counter desks, Bitplanet’s choice signals growing trust in domestic Korean platforms for substantial transactions. This 35 BTC addition represents a substantial expansion of corporate reserves and continues Bitplanet’s pattern of gradual accumulation.

Bitplanet began its cryptocurrency journey after securing strategic investment from Sora Ventures, and its expansion occurs within Korea’s evolving regulatory landscape. The Financial Services Commission requires exchanges like Upbit to enforce anti-money laundering protocols and real-name verification, creating both challenges and opportunities for corporate investors. As a KOSDAQ-listed entity, Bitplanet operates under disclosure requirements and shareholder scrutiny, making its transparent approach especially noteworthy.

The broader corporate crypto landscape in Korea features several notable participants, and Bitplanet’s activity establishes a clear precedent for substantial Bitcoin acquisitions through regulated domestic exchanges. The company’s gradual accumulation and public disclosure align with prudent treasury management and risk controls, while reinforcing Bitcoin’s role as a legitimate treasury reserve asset. This development could encourage other traditional firms to explore digital assets within a regulated framework.