Metaplanet acquires the South Korean listed company SGA Co., advancing the Asia Bitcoin reserve strategy.

Simon Gerovich, the CEO of Metaplanet, is advancing the development of Bitcoin financial strategies in Asia through the acquisition of a listed company in South Korea. This acquisition has been approved by Korean regulatory authorities and further expands its presence in Asia following a similar initiative earlier this month in Thailand.

South Korea SGA Co. approved the issuance of new shares

SGA Co. in South Korea (a company that provides system integration for government and educational clients) has received regulatory approval from the Financial Services Commission of South Korea and the Korea Exchange to issue over 58 million new shares. These shares will be subscribed by an investment group led by Sora Ventures and KCGI, with Simon Gerovich participating in a personal capacity.

This issuance will make Asia Strategy Partners LLC the largest single shareholder of SGA Co., an investment platform supported by Sora Ventures and Gerovich. According to regulatory disclosure documents, the purpose of this move is to "quickly raise the necessary funds to achieve the company's business and strategic objectives."

The roles of Gerovich and Sora Ventures

Although Gerovich's name appears in the regulatory documents, he appears as a private investor and did not participate in this transaction as a representative of Metaplanet. Gerovich did not respond to Decrypt's request for an interview regarding his views on the role of Asian listed companies in incorporating Bitcoin into their balance sheets.

In sync with this transaction, Gerovich and his partners had earlier announced that they are closely monitoring a company in Thailand, planning to adopt a similar third-party issuance approach to further promote Bitcoin as a corporate treasury asset.

Cross-market strategic adaptation: promoting Bitcoin as a corporate asset

The SGA trading indicates that the investment group led by Gerovich is adjusting its strategy according to different markets, leveraging regulated listed companies to promote the adoption of Bitcoin as a treasury asset. A representative from Sora Ventures stated in an interview that they cannot disclose whether they plan to conduct similar transactions in other Asian markets at this time.

Sora Ventures Founder Discusses Bitcoin Balance Sheet Strategy

Jason Fang, the founder and managing partner of Sora Ventures, revealed more information on this issue: "Public companies in Asia have a unique advantage in legalizing Bitcoin, as they can incorporate Bitcoin into their balance sheets within regulated mainstream markets." Fang stated that these companies are helping to normalize Bitcoin adoption through disciplined treasury strategies rather than speculative behavior.

Fang also mentioned that this transaction in South Korea reflects a "unique" and more targeted approach to market entry, utilizing public companies and local partners to meet regulatory expectations. "These partnerships reflect the trust we have gained in Asia and reinforce our compliance-first strategy when entering markets."

New Stock Issuance and Use of Funds

The new shares will be listed on September 24, with an expected fundraising of 34.5 billion won (approximately 25 million USD) through this issuance. These funds will be used for company operations and the development of new businesses. The management of SGA will remain unchanged, but control will be transferred to the new investors, who will be subject to a one-year lock-up period.

Metaplanet's Bitcoin strategy

Metaplanet was once a hotel operator in Tokyo, and has now transformed into one of Japan's most representative corporate Bitcoin holders. The SGA's transactions follow a similar pattern, leveraging regulatory support, local partners, and strategic equity distribution, which gives the company the potential to shift towards a Bitcoin treasury policy.

Fang emphasized that Bitcoin represents "an upgrade of the balance sheet" and pointed out that their strategy is to "lead this transformation in a market where regulation and innovation can align, working with reputable institutions to drive it forward."

(Source: Decrypt)