Metaplanet CEO joins investment in Korean company to boost Asia crypto treasuries

Key Points

1. Simon Gerovich, CEO of Metaplanet, is part of a consortium investing in SGA, a South Korean software services company, to position it for Bitcoin acquisition as part of a digital asset strategy.

2. The deal, pending finalization, involves issuing 58 million new shares to the consortium, with Top Win International (rebranded as Asia Strategy LLC) becoming the largest shareholder.

3. Metaplanet has been actively expanding its Bitcoin holdings, acquiring 797 BTC at an average price of $117,451, bringing its total to 16,352 BTC, making it the world’s fifth-largest public Bitcoin holder.

4. The company adopted a Bitcoin-focused strategy in April 2024, inspired by Michael Saylor’s approach, leading to a 4,800% stock rise in 12 months post-initial Bitcoin purchase.

5. Metaplanet is also involved in acquiring DV8, a Thai electronics company, as part of its broader strategy to increase Bitcoin exposure in regional capital markets.