South Korean Treasury Company Deploys Equipment for Full-Scale BTC Production
Bitplanet, a KOSDAQ-listed South Korean company, signed a memorandum of understanding with Nasdaq-listed Antalpha on June 24 to deploy KRW 15 billion in Bitcoin mining equipment and begin full-scale mining operations this month, marking a strategic pivot from balance-sheet capital purchases toward mining-based revenue generation.
The partnership positions Bitplanet to shift away from its prior accumulation model, which relied on capital raises and direct Bitcoin purchases, including an SGA acquisition and a daily accumulation program targeting 10,000 BTC. Under the new structure, mined BTC will be recognized as operating revenue and allocated across liquidity reserves, risk-hedging funds, and reinvestment capital.
Bitplanet’s first-phase equipment deployment targets 7 BTC per month, with an expected annual production target of 80 BTC. At a reference Bitcoin price of $61,000, that equates to approximately $4.9 million in gross output annually. Equipment will be deployed to overseas regions with competitive electricity costs, including Oman and Paraguay, using outsourced operations and joint-venture models.
Antalpha, which completed its IPO in May 2025, provides mining finance products including mining-machine loans, hashrate loans, supply-chain credit, and margin-lending services through its Antalpha Prime platform. Under those arrangements, mined BTC can be used as collateral for hosting, repair, and service costs. However, Antalpha’s operational metrics present mixed signals: supply-chain total value locked declined 25% year-over-year while revenue rose 52% in the first quarter of 2026.
Bitcoin mining economics remain volatile. VanEck estimated May 2026 miner revenue at $1.12 billion, down 26% year-over-year. Hashrate Index data showed Bitcoin hashprice averaging $36.60 in May 2026 before fading to $33.58 by month-end, or $30.72 per petahash per day. Industry dynamics further complicate the thesis: VanEck noted that Bitcoin miners are selling BTC and moving capital into artificial intelligence and high-performance computing.
Bitdeer, a major mining operator, mined 921 BTC in May but retained less than expected, raising questions about whether mining automatically strengthens corporate treasury positions or whether miners face pressure to liquidate production for operational costs.
The move reflects a broader reopening of corporate virtual-asset activity in South Korea. The Financial Services Commission restricted such transactions in principle in 2017 but has been reopening them in stages, creating regulatory headroom for treasury strategies like Bitplanet’s.
CryptoSlate analysis framed the structural question at stake: “Can a treasury company build a recurring Bitcoin production loop, where hardware, low-cost power, and hosting infrastructure feed coins into the balance sheet over time?” The answer depends on hashrate stability, hosting contract terms, power prices, equipment uptime, execution quality in overseas jurisdictions, and Bitplanet’s coin retention discipline.
