Metaplanet CEO Simon Gerovich is furthering his strategy to promote Bitcoin adoption in Asia, joining an investment group to acquire a controlling stake in South Korean company SGA Co. This move aims to integrate Bitcoin into corporate treasury strategies across South Korea and the broader Asian region.
SGA Co., a systems integrator serving government and education clients, has secured regulatory approval to issue over 58 million new shares to a consortium that includes Gerovich, Sora Ventures, and KCGI. The Korean Financial Services Commission and Korea Exchange approved the issuance, which will make Asia Strategy Partners LLC, an investment vehicle backed by Sora Ventures and Gerovich, the largest shareholder of SGA Co. While the regulatory filing lists Gerovich as an individual investor, not as a representative of Metaplanet, the acquisition aligns with Metaplanet's overall Bitcoin treasury strategy.
The investment is intended to "quickly secure funds needed to achieve the company's business goals and strategic objectives," according to a rough translation of the regulatory disclosure. The new shares are scheduled to be listed on September 24, with the ₩34.5 billion (approximately $25 million) raised earmarked for operations and new business development. SGA's management will remain in place, but control will shift to the new investors, subject to a one-year lock-up period.
Jason Fang, founder and managing partner of Sora Ventures, stated that public companies in Asia are uniquely positioned to legitimize Bitcoin by incorporating it into regulated balance sheets. He emphasized that the goal is to normalize adoption through disciplined treasury strategy, rather than speculation. Fang claims the South Korea deal reflects a unique and more tailored approach to market entry. This acquisition follows a similar initiative in Thailand, indicating a growing trend of leveraging public companies to integrate Bitcoin into corporate balance sheets across Asian markets.
Metaplanet, under Gerovich's leadership, has become a prominent advocate for Bitcoin adoption in Asia. The company has transformed from a hotel operator to Japan's first publicly listed Bitcoin treasury company. Metaplanet holds a substantial amount of Bitcoin, with 15,555 BTC, making it Asia's largest corporate Bitcoin holder and the fifth largest globally. Metaplanet’s strategy involves using sophisticated financial instruments, such as zero-interest bonds, to fund its Bitcoin purchases.
The move to acquire SGA Co. mirrors Metaplanet's strategy in Japan and signals a coordinated push for Bitcoin adoption across South Korea and Asia. This approach involves using regulated public firms to promote Bitcoin as a treasury asset. By partnering with local experts and strategically allocating shares, the consortium aims to position SGA for a potential shift in treasury policy increasingly shaped by Bitcoin.
South Korea has shown increasing interest in cryptocurrency and digital assets. The government is considering reclassifying crypto firms as startups, which would allow them to access government funding, tax incentives, and loans. The Financial Services Commission (FSC) is also implementing new rules to encourage institutional adoption of crypto. A pilot program is set to launch in the third quarter of 2025, enabling approximately 3,500 corporations and professional investors to trade on crypto platforms.
These developments suggest a growing acceptance of Bitcoin and other cryptocurrencies within the South Korean financial system. By strategically investing in companies like SGA Co., Gerovich and his consortium seek to accelerate corporate Bitcoin adoption and establish Bitcoin as a legitimate treasury asset in the Asian market.
