Bitplanet completes $50 million acquisition and receives capital increase from UTXO Management and Kingsway Capital

PANews reported on September 11 that Bitplanet, the first institutionalized Bitcoin vault company in South Korea, announced the completion of the $50 million acquisition of SGA Co., Ltd., officially completing the management handover and brand reshaping. The transaction involves a 62% equity acquisition, with the investment consortium including Sora Ventures, Parafi Capital and KCGI, and a total of US$10 million investments from UTXO Management and Kingsway Capital. Bitplanet plans to rank among the top ten enterprise-level Bitcoin holders in the world and promote South Korea to become the core hub of the international Bitcoin ecosystem.