In brief
- Regulators in South Korea have approved a third-party share deal giving Metaplanet CEO Simon Gerovich and Sora-led investors control of SGA Co.
- The group includes KCGI, a major South Korean investment firm, and aims to influence treasury strategies across the region.
- The move mirrors Metaplanet’s Japan strategy and signals a coordinated Bitcoin push across South Korea and Asia.
Metaplanet CEO Simon Gerovich is helping to advance a Bitcoin treasury strategy campaign in Asia through a newly approved acquisition of a South Korean public firm, following a similar move in Thailand earlier this month.
South Korea’s SGA Co., a systems integrator serving government and education clients, has received board approval to issue more than 58 million new shares to a group led by Sora Ventures and KCGI, including Gerovich in an individual capacity.
The issuance, approved by its board for filing to South Korean regulators on Monday, will make Asia Strategy Partners LLC, an investment vehicle backed by Sora Ventures and Gerovich, the largest shareholder of SGA Co.
The move 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 filed in Korean.
While the filing indicates Gerovich was selected based on his investment intent, payment capacity, and timing, it lists him as an individual investor, not as a representative of Metaplanet.
Gerovich declined Decrypt’s request for comment on how he views the role of public companies in Asia in normalizing Bitcoin on their balance sheets.
The approval in South Korea follows a prior move from the same group associated with Gerovich, which earlier this month revealed that it had been eyeing a Thai-listed firm with a similar third-party issuance plan.
The SGA deal suggests the consortium is adapting its strategy across markets, using regulated public firms to promote Bitcoin as a treasury asset in Asia. Citing disclosure rules, a Sora Ventures representative declined to say whether similar deals are planned or if other Asian markets are in the consortium’s pipeline.
“A balance sheet upgrade”
Asked the same questions as Gerovich, Sora Ventures founder and managing partner Jason Fang offered a glimpse into what’s under wraps.
“Public companies in Asia are uniquely positioned to legitimize Bitcoin by putting it on the balance sheet within regulated, mainstream markets,” Fang told Decrypt. “Their role is to normalize adoption, not through speculation, but through disciplined treasury strategy.”
Fang claims the South Korea deal reflects a “unique” and more tailored approach to market entry by using a listed company and a trusted local partner to meet regulatory expectations.
Those partnerships “reflects the trust we have earned across Asia and reinforces our focus on credible, regulatory-first market entry,” Fang said.
The new shares are set to list on September 24. The ₩34.5 billion raised (about $25 million) will fund operations and new business development. SGA’s management will remain, but control will shift to new investors, subject to a one-year lock-up period.
From being a love hotel operator in Tokyo, Metaplanet has rebranded into Japan’s most visible corporate Bitcoin holder. The SGA deal follows a similar blueprint, with regulatory backing, local partners, and strategic share allocations positioning the firm for a potential shift in treasury policy, one increasingly shaped by Bitcoin.
Bitcoin represents “a balance sheet upgrade,” Fang said, noting that their group’s strategy is “to lead this shift with credible institutions in markets where regulation and innovation can align.”
This article has been updated to clarify the approval of the share issuance by regulators.
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