SEOUL / LONDON (IT BOLTWISE) – Bitplanet, a listed company from South Korea, has begun daily purchases of Bitcoin to build a significant crypto reserve. This initiative comes amid a market rally boosted by positive inflation data from the US.
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Bitplanet, a South Korean listed company, recently implemented the first step of its Bitcoin treasury plan. The company has started acquiring Bitcoin daily to build a significant reserve of the world’s largest cryptocurrency. This strategy is supported by Metaplanet CEO Simon Gerovich, who is accompanying Bitplanet in the implementation of this plan. Last Sunday, Bitplanet acquired 93 BTC, marking a first step towards their goal of 10,000 BTC.
The decision to accumulate Bitcoin comes at a time when the cryptocurrency market is regaining momentum after a recent decline. Bitcoin has recovered about 6.7% over the past week and is currently trading at around $115,200. This recovery was boosted by lower-than-expected inflation data from the US, which increased expectations of a possible rate cut by the Federal Reserve in December.
As part of this initiative, Bitplanet has significantly improved its governance structures and implemented new investment and capital management processes. These measures are intended to ensure that the company’s Bitcoin acquisitions are carried out in a legitimate and low-risk manner. Paul Lee, co-CEO of Bitplanet, emphasized that all purchases were fully disclosed through a compliance platform operated by the Korean financial regulator.
Bitplanet’s decision to invest in Bitcoin is accompanied by the introduction of the Digital Asset Basic Act in South Korea, which is intended to establish uniform standards for the issuance, custody and ownership of corporate cryptocurrencies by 2027. Bitplanet is preparing to meet or even exceed these regulatory requirements to ensure a smooth transition.
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