PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close
Bitplanet (formerly SGA) is restructuring its business toward a Bitcoin-centered Digital Asset Treasury (DAT) strategy as revenue from its legacy education and public-sector IT services has declined for four straight years.
Consolidated revenue fell for four consecutive years, from KRW 54.96 billion in 2022 to KRW 24.84 billion in 2025, reflecting a continued contraction in the legacy SI business.
In June 2026 the company partnered with Nasdaq-listed Antalpha to deploy roughly KRW 15 billion of mining equipment, targeting more than 7 BTC mined per month.
Quarterly net income has swung sharply due to crypto-asset valuation changes, moving from a profit in Q3 2025 to a large loss in Q4 2025.
The debt ratio dropped sharply from 79.1% in 2023 to 16.1% in 2025, indicating an improved balance-sheet structure.
A 5-for-1 share consolidation was completed in May 2026, reducing shares outstanding to approximately 23.5 million.
Bitplanet began in 1997 as the Korean subsidiary of Taiwan's Advantech, building an industrial-computer distribution business, and became a comprehensive IT company with strengthened public-sector and education systems-integration (SI) capabilities after merging with SGA Systems in 2017.
The company's core operations have centered on operating nationwide education administration infrastructure such as NEIS, along with distributing security solutions and software.
More recently, the company has redefined its identity as a Digital Asset Treasury (DAT) firm, pursuing a strategy of holding Bitcoin as a long-term financial asset.
In June 2026 it signed a strategic memorandum of understanding with Nasdaq-listed fintech firm Antalpha and launched a Bitcoin mining business backed by roughly KRW 15 billion in mining equipment.
The mining rigs are deployed at overseas sites with low power costs, including Oman in the Middle East and Paraguay in South America, with a target of mining more than 7 BTC per month and over 80 BTC per year.
Bitcoin obtained through mining is recognized as revenue under accounting rules, giving the company a new revenue stream alongside its legacy SI business.
In its quarterly report, the company stated that Korea faces a structural gap as data-center and power infrastructure investment flows toward power-rich countries such as the United States, Middle East, and Southeast Asia, and said it aims to serve as a channel for land, power contracts, and GPU procurement to fill that gap.
The organization is divided into a DAS division handling digital-asset strategy and a legacy SI division, with headcount of 97 employees as of the end of March 2026.
| Quarter | Revenue | Operating profit | Op. margin |
|---|---|---|---|
| 2025Q2 | ₩7.1B | -₩300M | −4.3% |
| 2025Q3 | ₩4.4B | -₩1.4B | −31.8% |
| 2025Q4 | ₩9.4B | -₩1.8B | −18.8% |
| 2026Q1 | ₩4.8B | -₩1.2B | −25.0% |
| 2026Q2 | ₩7.9B | -₩800M | −9.6% |
| Year | Revenue | Operating profit | Net income (parent) | Op. margin | ROE | Debt-to-equity |
|---|---|---|---|---|---|---|
| 2022 | ₩55B | -₩2.2B | -₩7B | −4.0% | −15.2% | 58.4% |
| 2023 | ₩43.4B | -₩6.8B | -₩8.6B | −15.8% | −22.7% | 79.1% |
| 2024 | ₩36.1B | ₩300M | -₩1.1B | 0.7% | −3.1% | 15.9% |
| 2025 | ₩24.8B | -₩4.5B | -₩9.3B | −18.2% | −15.1% | 16.1% |
Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23
Consolidated revenue declined for four straight years, from KRW 54.96 billion in 2022 to KRW 43.39 billion in 2023, KRW 36.14 billion in 2024, and KRW 24.84 billion in 2025.
Operating profit was positive only in 2024, at KRW 250 million, while the company posted operating losses of KRW 2.21 billion in 2022, KRW 6.84 billion in 2023, and KRW 4.52 billion in 2025.
Net income attributable to owners was also in the red for four consecutive years, at negative KRW 7.00 billion, KRW 8.55 billion, KRW 1.13 billion, and KRW 9.32 billion, respectively, from 2022 to 2025.
In contrast, total equity rose from KRW 37.60 billion in 2023 to KRW 61.64 billion in 2025, while total liabilities fell sharply from KRW 29.73 billion in 2023 to KRW 5.78 billion in 2024 before holding around KRW 9.90 billion in 2025, pushing the debt ratio down from 79.1% in 2023 to 15.9% in 2024 and 16.1% in 2025.
On a quarterly basis, net income swung from a surprise profit of KRW 4.36 billion in Q3 2025 to a sharp loss of KRW 10.94 billion in Q4 2025. Net losses continued into Q1 2026 at KRW 7.81 billion before narrowing to KRW 3.72 billion in Q2 2026.
Revenue was also volatile quarter to quarter, jumping from KRW 4.42 billion in Q3 2025 to KRW 9.37 billion in Q4 2025, then falling to KRW 4.84 billion in Q1 2026 before rising again to KRW 7.95 billion in Q2 2026.
Over the trailing four quarters (Q3 2025 through Q2 2026), cumulative net loss attributable to owners reached KRW 18.11 billion, and operating losses persisted in every quarter, underscoring the ongoing cost burden of the business transition.
The Digital Asset Treasury (DAT) model has spread abroad first, exemplified by Japan's Metaplanet, which announced a plan to expand its Bitcoin holdings target fivefold to roughly 10,000 BTC.
In its quarterly report, the company stated that the digital-asset industry has entered a phase of integration with mainstream finance since 2021, marked by institutional investor entry and the listing of spot Bitcoin ETFs.
Industry observers note that the mining sector is undergoing consolidation and increased specialization as mining rewards decline following the halving.
In Korea, ruling and opposition parties have reportedly reached consensus on advancing a Digital Asset Basic Act, with the government's draft still being fine-tuned, indicating regulatory frameworks are still in progress.
While the traditional IT-services and education-SI market is growing only modestly, Bitplanet appears to be accelerating its pivot to new businesses even as its legacy segment contracts.
The company has pointed to a structural issue in which Korea's AI data-center and power-infrastructure investment is being drawn toward power-rich countries such as the United States, Middle East, and Southeast Asia, and has framed its strategy around capturing opportunities in that gap.
Bitplanet began Bitcoin mining operations at overseas sites in Oman and Paraguay starting in June 2026, targeting more than 7 BTC mined per month and over 80 BTC per year from its initial equipment deployment.
The company stated it plans to continue optimizing power costs and managing equipment utilization through a mix of overseas colocation and joint-venture arrangements.
In its quarterly report, the company defined Bitcoin mining as an initial monetization engine linking power and compute, and stated its intention to use this as a stepping stone toward building regionally based AI data centers.
A 5-for-1 share consolidation, decided by the board in March 2026, was completed through shareholder approval and new-share effectiveness in April, with new shares listed on May 15, reducing shares outstanding from about 117.7 million to approximately 23.5 million.
The company said the move was a pure share consolidation unrelated to a capital reduction, aimed at improving market access for institutional and foreign investors. The company has also indicated it is considering longer-term new businesses such as GPU hardware distribution as part of its AI infrastructure strategy.
Bitplanet's results blend a shrinking legacy SI revenue base with fair-value swings tied to its Bitcoin holdings, making the stock difficult to interpret through conventional multiples.
Depending on the data source, the shares are described alternately as trading close to net asset value or at a modest premium to it, so interpretations differ across data providers.
Earnings have remained in the red for four consecutive years and have swung widely quarter to quarter, so multiples are better read alongside the progress of the business transition rather than as a reflection of a stable earnings base.
There is no clear record of dividend payments, which is also worth noting given the stock does not stand out for dividend appeal within its sector.
Ultimately, how the market values the company going forward may depend more on the outcome of its Bitcoin mining and treasury strategy than on the historical performance of its legacy SI business.
PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-23
The mining business, launched from sites in Oman and Paraguay in June 2026, generates Bitcoin that is recognized as accounting revenue, creating a new income stream beyond the legacy SI business. The partnership with Nasdaq-listed Antalpha also provides access to global mining supply chains and technical support.
If the target of more than 7 BTC per month is achieved, the revenue contribution could become increasingly visible.
The debt ratio fell sharply from 79.1% in 2023 to 15.9% in 2024 and 16.1% in 2025, while total equity rose from KRW 37.6 billion to roughly KRW 61.6 billion over the same period. With a lighter debt burden, the company appears to have gained more financial flexibility to fund new businesses.
This suggests an improved financial foundation to support the business transition compared with its higher-debt years.
The company has outlined a plan to use Bitcoin mining as a springboard to expand into AI infrastructure businesses such as AI data centers and GPU hardware distribution.
In its quarterly report, it described its ambition to serve as a channel filling the structural gap created as Korea's AI power infrastructure investment flows overseas.
The 5-for-1 share consolidation, adjusting par value and share price, was also aimed at improving market access for institutional and foreign investors.
Consolidated revenue fell for four straight years, from KRW 54.96 billion in 2022 to KRW 24.84 billion in 2025, a decline of more than half. With the new-business transition still in an early stage, the shrinking legacy SI and education-administration business continues to reduce the company's overall scale. Operating profit also remained negative every year except 2024.
Net income attributable to owners swung sharply from a profit of KRW 4.36 billion in Q3 2025 to a loss of KRW 10.94 billion in Q4 2025, and losses continued into Q1 2026 at KRW 7.81 billion.
This volatility appears heavily influenced by valuation gains and losses on Bitcoin-related assets, making a stable earnings trajectory difficult to expect. Over the trailing four quarters, cumulative net losses reached KRW 18.11 billion.
The mining business only became fully operational in June 2026, and the actual performance of its overseas colocation and joint-venture arrangements has yet to be proven. Local risks associated with operating sites in Oman and Paraguay, along with the company's ability to manage power costs, remain variables to watch.
Follow-on businesses such as AI data centers remain at a conceptual stage, without a finalized investment plan or confirmed site.
The company's earnings are heavily exposed to fair-value changes in Bitcoin-related assets, meaning a decline in Bitcoin's price could lead to large valuation losses. This sensitivity was evident when net loss attributable to owners exceeded KRW 10.9 billion in Q4 2025. As the mining business ramps up and holdings grow, exposure to price swings could increase further.
Operating mining equipment at overseas sites in Oman and Paraguay is exposed to variables including local power contracts, infrastructure stability, and reliance on partners.
If cooperation with Antalpha does not proceed as planned or mining output falls short of the target of 7 BTC per month, the expected revenue contribution could be delayed. The complexity of the colocation and joint-venture structure also raises management risk.
In Korea, regulations such as the Digital Asset Basic Act are still being finalized in the National Assembly, meaning the eventual legislative direction could affect the mining and treasury strategy.
At the same time, the legacy SI and education-administration business continues to see declining revenue, raising the risk that the overall revenue base could weaken before new businesses become established. The coexistence of these two risk factors adds uncertainty to the business transition process.
Check the provisional Q3 2026 earnings disclosure to see how much mining-business revenue is reflected and how net income volatility trends.
Monitor actual mining output against the target of 7 BTC per month and 80 BTC per year, and check for related disclosures.
Track whether the Digital Asset Basic Act passes the National Assembly and what detailed regulations emerge, to assess the impact on the mining and treasury strategy.
Check whether AI data-center site selection and investment plans become more concrete, along with progress on the GPU distribution business.
Bitplanet is in the process of shifting its center of gravity toward a Bitcoin-centered Digital Asset Treasury (DAT) strategy, built atop a legacy IT-services business whose revenue has declined for four consecutive years.
The mining business, launched through a June 2026 partnership with Nasdaq-listed Antalpha, is still in an early stage, and whether it contributes to revenue as targeted will need to be confirmed through upcoming quarterly results.
The balance-sheet structure has improved with a sharply lower debt ratio, but net income has shown wide quarterly swings driven by valuation changes in Bitcoin-related assets.
The 5-for-1 share consolidation has been completed, and the company is also considering follow-on expansion into AI data centers and GPU distribution. On the regulatory front, the Digital Asset Basic Act and related legislation are still being finalized, leaving the company exposed to policy variables.
Ultimately, how this stock is assessed going forward will likely depend less on the historical performance of its legacy SI business and more on whether the newly launched mining and DAT strategy evolves into a stable earnings structure.
Report written 2026-09-05 · Data as of 2026-09-04
This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.