Metaplanet Expands Bitcoin Holdings with SGA Acquisition

Simon Gerovich, CEO of Tokyo-based Metaplanet, is part of a consortium negotiating to acquire a controlling stake in SGA, a publicly traded software services company listed on South Korea’s KOSDAQ. The deal, if finalized, would position SGA to acquire Bitcoin as part of a broader digital asset strategy. While Gerovich is listed as an independent investor, not acting on behalf of Metaplanet, the move aligns with the company’s growing Bitcoin treasury strategy. The board of SGA and the Korean Financial Services Commission approved the issuance of 58 million new shares to the consortium, but no definitive agreement has been signed. If completed, Top Wind, rebranded as Asia Strategy LLC, would become the largest shareholder in the company.

SGA said it will maintain its core business operations while leveraging the consortium’s expertise to pursue new initiatives in the digital asset space. This acquisition is part of a broader strategy to accelerate corporate Bitcoin adoption across Asia by transforming traditional companies into Bitcoin-aligned entities, using deals to position companies like DV8 and SGA as vehicles for Bitcoin exposure in regional capital markets.

Since its partnership with Sora Ventures in May 2025, Top Win has shifted its focus to digital assets. As part of this transition, the company appointed Sora Ventures founder, Jason Fang, as co-CEO and board member, signaling a deeper alignment with the Bitcoin-first investment approach. Earlier this month, a Metaplanet-led consortium of investors, including Sora Ventures, UTXO Management, Moon Inc., and Kliff Capital, filed to acquire DV8, a publicly listed Thai electronics company.

Metaplanet has been actively expanding its Bitcoin holdings. On Sunday, the company announced another Bitcoin purchase, with an additional 797 BTC moved to its treasury at an average price of $117,451 per coin. That brings the firm’s total holdings to 16,352 BTC, currently valued at around $1.64 billion. Metaplanet has acquired 1112 BTC for ~$117.2 million at ~$105,435 per bitcoin and has achieved BTC Yield of 266.1% YTD 2025. As of 6/16/2025, Metaplanet holds 10,000 BTC acquired for ~$947 million at ~$94,697 per bitcoin.

Metaplanet adopted Michael Saylor’s Bitcoin playbook in April 2024, when it first acquired 97.85 BTC. According to data, the company’s stock rose over 4,800% in the 12 months following its initial purchase. It is currently the world’s fifth-largest public holder of Bitcoin. Saylor’s Strategy, the first company to adopt the Bitcoin standard and popularize it, holds 601,550 BTC at the time of writing.

Metaplanet's acquisition of SGA shares is a strategic move to advance its Bitcoin reserve strategy in Asia. This investment is part of a broader trend where companies are increasingly viewing Bitcoin as a store of value and a hedge against inflation. By acquiring SGA, Metaplanet is positioning itself to benefit from the growing acceptance of Bitcoin as a legitimate asset class and the increasing demand for Bitcoin among Asian companies. The purchase of SGA shares at an average price of $117,451 per Bitcoin highlights Metaplanet's commitment to a long-term Bitcoin strategy. This investment is likely to pave the way for future collaborations and partnerships, further strengthening Metaplanet's presence in the Asian crypto market.