Simon Gerovich, CEO of Metaplanet, is helping to drive the Bitcoin treasury strategy in Asia through the acquisition of a public company in South Korea, following a similar move in Thailand earlier this month.
Expanding strategy in South Korea and Asia
Specifically, SGA Co., a South Korean system integration company, has received board approval to issue more than 58 million new shares to a group led by Sora Ventures and KCGI, including Gerovich as an individual. This will make Asia Strategy Partners LLC (backed by Sora Ventures and Gerovich) the largest shareholder of SGA Co.
This move aims to "quickly secure the necessary funding to achieve the company’s business and strategic goals." Although Gerovich was chosen based on investment intent and payment capability, he is listed as an individual investor rather than a representative of #metaplanet .
The goal of "upgrading the balance sheet" with Bitcoin
Jason Fang, founder and managing partner of Sora Ventures, stated that public companies in Asia are uniquely positioned to legitimize Bitcoin by bringing it onto their balance sheets in mainstream, regulated markets. The goal is to normalize the acceptance of Bitcoin through a disciplined treasury strategy.
The SGA deal shows that this group is adjusting its strategy across markets, using regulated public companies to promote $BTC as a treasury asset in Asia. The 34.5 billion won (approximately 25 million USD) raised will fund SGA Co.’s operations and new business development, and although the current management remains unchanged, control will shift to new investors.
Bitcoin represents "the upgrade of the balance sheet," and the group's strategy is to "lead this change with trusted institutions in markets where regulation and innovation can sync up."