A consortium of Bitcoin-native investors has made a significant move in the corporate world by acquiring SGA Co., Ltd., a software provider listed on the KOSDAQ in Seoul. This acquisition, as reported on July 14 by CryptoSlate, involves key players such as Sora Ventures, AsiaStrategy, Metaplanet CEO Simon Gerovich, and KCGI, a well-known Korean private equity firm specializing in growth through governance.
The investor group, known for its involvement in Metaplanet Inc., a Tokyo-listed company that converted its corporate treasury to Bitcoin, is now set to take over SGA Co. The company is known for providing system integration solutions to educational institutions and public agencies, and has recently confirmed that its board has approved a third-party share issuance to the consortium.
According to a filing with Korea’s Financial Service Commission (FSC), SGA Co. will issue 58,862,249 new common shares, raising approximately ₩34.49 billion (around $25 million). All newly issued shares will be held in custody by the Korea Securities Depository for a period of one year.
The breakdown of share allocations shows AsiaStrategy receiving 47.2 million shares, making it the largest shareholder of the company. Other allocations include KCGI (8.15 million shares), Pathfinder Holdings (2.3 million), and Simon Gerovich (1.16 million).
The new capital raised from this share issuance will be used by SGA Co. to support general operations and explore new business opportunities in the digital asset sector. The company aims to leverage the global reach and Bitcoin-first expertise of its new investors to drive future growth.
This acquisition follows a similar move by the investor group to bid for DV8, a Thai electronics and retail firm, indicating their commitment to expanding Bitcoin adoption across Southeast Asia. Jason Fang, founder of Sora Ventures, hinted at plans to explore new markets in the Philippines, Vietnam, Indonesia, and Malaysia. The consortium is actively seeking partners who are ready to implement the Bitcoin treasury model in these regions.
In conclusion, the acquisition of SGA Co. by a consortium of Bitcoin-native investors marks a significant step towards expanding Bitcoin adoption in the corporate world. The company’s plans to utilize the new capital and investor expertise to drive growth in the digital asset sector are indicative of the ongoing trend towards embracing cryptocurrency in traditional industries.