Metaplanet CEO joins forces with several companies to acquire shares of South Korean company SGA to advance Asia's Bitcoin reserve strategy

PANews reported on July 14 that according to Decrypt, Metaplanet CEO Simon Gerovich took action in Thailand earlier this month and used the newly approved acquisition of a Korean listed company to advance the Asian Bitcoin fund reserve strategy. South Korean system integrator SGA, which mainly serves government and education customers, has obtained regulatory approval to issue more than 58 million new shares to a consortium led by Sora Ventures and KCGI, in which Gerovich personally participated. On Monday, the Financial Services Commission and the exchange of South Korea approved the additional issuance, and investment institution Asia Strategy Partners LLC will become SGA's largest shareholder. According to Korean regulatory documents, the move is aimed at "rapidly raising business funds." The new shares will be listed on September 24. The 34.5 billion won (about 25 million US dollars) raised will be used for operations and new business development. SGA's management will remain unchanged, but control will be transferred to new investors, subject to a one-year lock-up period.