South Korean companies ride the bitcoin accumulation wave
The strategy of accumulating bitcoin in institutional reserves continues to expand and South Korea is taking it seriously.
The trend imposed and led by North American companies to accumulate bitcoin in corporate reserves continues to spread globally, and now it is South Korea's turn as ten of the most important companies in the Asian country have adopted this strategy with increasing momentum.
According to a report from the South Korean newspaper Munhwa Ilbo, the participation in bitcoin by major companies in South Korea is on the rise, reflecting the growing confidence that the leading cryptocurrency generates as a store of value against local and global economic volatility.
What stands out in the South Korean case is that the companies that have incorporated BTC into their balance sheets are publicly traded firms, which highlights that bitcoin has become an extremely attractive asset even for the most traditional companies.
The Munhwa Ilbo report points out another striking feature of this phenomenon: the diversity and variety of companies that have adopted this accumulation model. From companies dedicated to technology and video games, to crypto exchanges and even pharmaceutical companies.
The ranking is led by Bitmax, a cryptocurrency exchange, with 251 BTC, followed by video game developer Wemade with 223 and closing the podium is Neowiz, with 123 bitcoins, a technology and gaming firm.
Together, they total approximately 679.34 BTC for a total amount of 98.9 billion won (around 72 million dollars), figures that are very far from those in other markets but will surely continue to increase in the coming years.
