Bitplanet: “We’re accumulating 10,000 bitcoins”—Expands into AI data centers [Cointerview]

Interview with Lee Seong-hoon, CEO of Bitplanet

Holds 300 bitcoins…long-term accumulation

Also focused on securing stable cash flow

Pursuing AI data center and mining businesses in Korea

Will enhance shareholder value as a listed company

“Bitplanet is not simply a company that accumulates bitcoin. We view energy as a key asset of the future, and we plan to generate real profits through bitcoin mining and AI data center businesses, among others.”

Lee Seong-hoon, CEO of Bitplanet (photo), said this in an interview with Bloomingbit on the 26th.

Bitplanet is a digital asset treasury company (DAT·Digital Asset Treasury) that stockpiles bitcoin as a core strategic asset. It was established when KOSDAQ-listed SGA was acquired in July last year by a consortium led by Asia Strategy and Sora Ventures. To date, it has accumulated a total of 300 bitcoins.

Lee explained, “Seeing DAT companies emerge—Strategy (formerly MicroStrategy) in the U.S. and Metaplanet in Japan—I thought Korea needed a similar model,” adding, “While looking for a company that fit our investment criteria, we learned about SGA, and we joined forces to establish Bitplanet.”

We met with Lee to hear his outlook on bitcoin and Bitplanet’s new businesses.

Bitcoin accumulated without selling…pushing new ventures

Lee said his interest in bitcoin began after he personally witnessed the global financial crisis while working at Lehman Brothers. Lehman Brothers was a U.S. investment bank whose collapse during the 2008 subprime mortgage crisis became the trigger for the global financial crisis.

He said, “Watching the crisis at several major financial institutions spill over into a global economic crisis made me think there were problems with the centralized financial system,” adding, “Later, while working as a lawyer at Davis Polk & Wardwell, I collaborated with crypto firms such as Grayscale and Galaxy, which led me to view bitcoin as an alternative to traditional finance.”

Bitplanet views bitcoin as a long-term accumulation asset and has set a target of holding 10,000. Lee said, “We are steadily accumulating bitcoin,” adding, “We buy based on a comprehensive assessment of operating cash flow, our financial condition, and the market environment.” He added, “We will not pursue a strategy of selling partway through to realize profits.”

He continued, “Bitcoin is the central asset in Bitplanet’s financial strategy, but I don’t think it’s desirable for the company’s earnings to rely solely on bitcoin,” adding, “Our goal is to secure stable cash flow through our businesses and continue accumulating bitcoin.”

Pushing AI data center business...scouting sites in Korea

To further strengthen cash flow, Bitplanet has chosen energy-related businesses such as bitcoin mining and AI data centers as new growth drivers. In particular, it highlighted as an advantage that the two businesses can be built simultaneously using a single infrastructure.

Lee said, “Bitcoin mining and AI data centers can create synergies because they rely on the same infrastructure, including power and cooling facilities and servers,” adding, “As the AI industry grows, demand for data centers and power infrastructure is rising rapidly. Data centers will be a key means of further strengthening Bitplanet’s cash flow.”

The company is said to be scouting locations to build an AI data center in Korea. Lee said, “We are reviewing various sites, including areas near the Seoul metropolitan region,” adding, “We are in the early stages of evaluating power supply conditions, cooling environment, telecom infrastructure, and scalability.” He added, however, that “specific locations and scale have not yet been finalized.”

The company is also discussing collaboration with global partners. Lee said, “We are currently in talks with global partners regarding our new businesses,” adding, “We should be able to present tangible results to the market within the next 3–6 months.”

He expected that once the new businesses take shape, shareholder value would also increase. Lee said, “In Korea as well, investment demand for AI infrastructure is growing, but there are not many channels through which private capital can participate directly,” adding, “As a KOSDAQ-listed company, we want to create a structure that allows private capital to participate in energy infrastructure such as AI data centers.”

He also emphasized transparency as the core of DAT operations. Lee said, “In Korea, it’s difficult for a business to be recognized simply by holding a lot of bitcoin,” adding, “It’s necessary to establish a transparent operating system encompassing disclosures, internal controls, and governance.”

In fact, Bitplanet links its website to its custody system to provide real-time information on its bitcoin holdings. Lee said, “From the outset, we spent the most money and time building a system to share all information related to bitcoin investment transparently,” adding, “We created a structure in which everything from investment decisions to bitcoin purchases and disclosures is managed as a single process.”