Bitplanet Acquires SGA Co., Ltd. in $50 Million Deal

According to PANews, South Korea's first institutional Bitcoin vault company, Bitplanet, has announced the completion of its $50 million acquisition of SGA Co., Ltd. This transaction includes a 62% equity purchase and marks the completion of a management transition and brand overhaul. The investment consortium involved in the acquisition comprises Sora Ventures, Parafi Capital, and KCGI, with an additional $10 million investment from UTXO Management and Kingsway Capital. Bitplanet aims to become one of the top ten enterprise-level Bitcoin holders globally and to position South Korea as a central hub in the international Bitcoin ecosystem.