KOSDAQHolding Companies223310

Satoshi Holdings

₩2,980▲ 5.30%2026-10-02 close

Market Cap

₩24.2B

Turnover

₩86,434,660

Volume

30,000 shares

Shares out.

8.1M

PER

—

PBR

—

EPS

—

Dividend Yield

0.00%

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

Report overview

Commerce Shrinks as Digital-Asset Pivot Accelerates

Satoshi Holdings is restructuring its business by pouring large amounts of newly raised capital into stablecoin and crypto-payment ventures while its legacy online commerce and beauty operations continue to shrink structurally.

1
2025 consolidated revenue fell to KRW 18.90 billion from KRW 21.74 billion a year earlier, while the operating loss widened to KRW 7.48 billion, pushing the operating margin down to -39.6%.
2
The net loss attributable to owners nearly tripled from KRW 10.37 billion in 2024 to KRW 31.47 billion in 2025, while the debt-to-equity ratio jumped from 67.1% to 300.8%.
3
In 2025 the company renamed itself Satoshi Holdings and launched digital-asset finance initiatives including the KRDT stablecoin and the BitPal crypto payment platform.
4
The company raised its convertible bond issuance ceiling from KRW 200 billion to KRW 1 trillion and established or acquired new subsidiaries including Codeplace, Korea Stablecoin, Blocksome Acquisition Holdings, and Superlabs.
5
Over the trailing four quarters (Q3 2025-Q2 2026), the cumulative net loss attributable to owners reached KRW 38.72 billion, while quarterly revenue swung widely between roughly KRW 1.9 billion and KRW 6.2 billion.

Business structure

Satoshi Holdings was established in 2011 to develop and manufacture electronic components and listed on KOSDAQ in 2015, later renaming itself from Commerce Miner to Deepmind Platform before adopting its current name in 2025.

The company was founded in 2011 for electronic parts development and manufacturing, listed on KOSDAQ in 2015, and established subsidiary Codeplace in 2025.

It currently focuses on online commerce, selling health supplements under the Gyeongnam Pharmaceutical brand and its own Care Plus label, alongside women's underwear and apparel, semi-permanent makeup, and skincare businesses, while expanding into unmanned aerial vehicles, F&B, and pursuing a new digital-asset finance business through special purpose vehicles.

The company's strategic direction has shifted repeatedly, moving from Gyeongnam Pharmaceutical product sales to virtual idols, drones, and now F&B and crypto assets. When it renamed itself Satoshi Holdings, the company stated its goal of becoming "Korea's first listed digital-asset securities firm,

Earnings trend

Quarterly revenue · Operating profit

₩5.5B-₩800M25Q2₩4.5B-₩2.2B25Q3₩4.6B-₩2.3B25Q4₩6.2B-₩1.4B26Q1₩1.9B-₩1.2B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩20.7B₩400M2022₩27.5B₩300M2023₩21.7B-₩3.2B2024₩18.9B-₩7.5B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩5.5B	-₩800M	−15.0%
2025Q3	₩4.5B	-₩2.2B	−49.6%
2025Q4	₩4.6B	-₩2.3B	−49.9%
2026Q1	₩6.2B	-₩1.4B	−23.0%
2026Q2	₩1.9B	-₩1.2B	−62.5%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩20.7B	₩400M	-₩2.3B	2.0%	−9.5%	15.2%
2023	₩27.5B	₩300M	-₩1.3B	1.1%	−5.9%	14.5%
2024	₩21.7B	-₩3.2B	-₩10.4B	−14.8%	−49.1%	67.1%
2025	₩18.9B	-₩7.5B	-₩31.5B	−39.6%	−185.2%	300.8%

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

Earnings analysis

Financial performance has followed a clear multi-year downtrend.

In 2022, revenue was KRW 20.73 billion with a modest operating profit of KRW 0.42 billion (2.0% operating margin), though the company still posted a net loss of KRW 2.27 billion; in 2023, revenue rose to KRW 27.52 billion with operating profit of KRW 0.29 billion (1.1% margin), but the net loss was KRW 1.32 billion.

From 2024, weakness in the core business combined with new-venture investment caused revenue to fall to KRW 21.74 billion, the operating loss to widen to KRW 3.22 billion (-14.8% margin), and the net loss to expand sharply to KRW 10.37 billion.

In 2025, revenue fell further to KRW 18.90 billion, the operating loss widened to KRW 7.48 billion (-39.6% margin), and the net loss attributable to owners nearly tripled year-on-year to KRW 31.47 billion.

On a quarterly basis, Q2 2025 (revenue KRW 5.45 billion, operating loss KRW 0.82 billion) briefly posted a positive net profit of KRW 0.67 billion, but Q3 2025 (revenue KRW 4.47 billion, operating loss KRW 2.22 billion) and Q4 2025 (revenue KRW 4.64 billion, operating loss KRW 2.31 billion) saw net losses balloon to KRW 15.24 billion and KRW 14.10 billion respectively, far exceeding the operating losses.

Q1 2026 (revenue KRW 6.24 billion, operating loss KRW 1.44 billion) recorded another net loss of KRW 10.26 billion, while Q2 2026 (revenue KRW 1.90 billion, operating loss KRW 1.18 billion) swung back to a net profit of KRW 0.89 billion, underscoring extreme quarter-to-quarter volatility.

The fact that net losses have far outpaced operating losses suggests significant non-operating factors, such as valuation gains or losses on equity investments and convertible bonds, or financing costs.

Meanwhile, owners' equity fell from KRW 21.12 billion in 2024 to KRW 16.99 billion in 2025, a decline smaller than the net loss itself, indicating that capital raises via rights issues or convertible bonds partially offset the losses during the period.

The debt-to-equity ratio surged from 15.2% in 2022 to 300.8% in 2025, marking a rapid transformation of the capital structure, while operating cash flow (CFO) remained negative at KRW -8.12 billion in 2025, continuing a largely negative trend since 2022.

Industry analysis

Korea's digital-asset industry remains in an early stage of institutionalization.

Financial regulators have signaled the possibility of reviewing the principle separating finance from crypto assets, spurring intensifying competition among securities firms to secure crypto exchange stakes, as the number of domestic crypto investors surpassing 11 million has turned exchanges into key hubs for next-generation financial platforms.

Major brokerages such as Mirae Asset, Korea Investment & Securities, Samsung Securities, and Hanwha Investment & Securities are already expanding exchange stakes and strategic partnerships to secure future revenue streams in security token offerings, KRW stablecoins, and digital-asset custody, meaning small listed firms like Satoshi Holdings face relatively intense competition from established large financial groups already active in the space.

Industry participants describe this as a stage where finance itself is migrating onto blockchain infrastructure, with real-asset tokenization and stablecoins at its center.

However, Korea's institutional path for participation remains limited due to corporate account restrictions, custody regulations, and delays in establishing a security token regime, meaning any delay in institutional reform could also slow business execution.

In the traditional commerce and beauty segment, despite modest growth in the health supplement market, intensifying online distribution competition and heavy reliance on a single supplier relationship appear to be limiting independent growth.

Outlook

The company plans to continue restructuring its business around digital-asset ventures. Satoshi Holdings intends to keep funding new-business subsidiary investments using internally and externally raised capital, with proceeds from convertible bonds earmarked for domestic and overseas crypto exchange acquisitions.

Its crypto payment platform BitPal launched open beta service on August 4, and the company plans to progressively apply x402 specifications to strengthen its position in the emerging market combining AI agents and stablecoin payments.

BitPal currently supports seven major mainnets including Base, Arbitrum, BNB Chain, Solana, Tron, Polygon, and Kaia, and the company has stated it will expand service coverage through technical and compliance reviews and chain-by-chain verification in line with the timing of KRW stablecoin institutionalization.

In contrast, the online commerce segment remains structurally reliant on Gyeongnam Pharmaceutical products and its own brand distribution, making revenue growth difficult; commerce revenue fell from KRW 19.5 billion in 2023 to KRW 15.7 billion in 2024 and to a cumulative KRW 11.6 billion through the third quarter of 2025, according to a November 20, 2025 report by The Bell.

With new ventures in F&B, drones, and digital assets yet to produce clear revenue contributions, while the legacy business continues to shrink alongside expanding new-business investment, the future direction of earnings will likely depend heavily on when new businesses begin contributing revenue and how quickly regulatory institutionalization proceeds.

Valuation

PER

—

PBR

—

ROE

-304.9%

EPS

—

BPS

—

Dividend per share

₩0

The company has posted net losses for three consecutive fiscal years, with owners' equity shrinking each year, placing it in a range where traditional profit-based valuation metrics are difficult to apply meaningfully.

Because large-scale convertible bond issuance has sharply raised the debt-to-equity ratio in a short period, the price-to-book ratio can vary considerably depending on which equity base (total consolidated versus owners' equity, and the timing of the latest disclosure) is used in the calculation.

No dividend was paid in the most recent fiscal year. With new ventures in digital assets and F&B yet to make a clear revenue contribution, market attention tends to react more to news flow around the business pivot and financing events than to reported earnings, which can contribute to elevated share price volatility.

Under this structure, a simple comparison of valuation multiples is less informative than jointly examining execution progress on the business pivot and changes in the capital structure.

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

Bull factors

Early Push into Digital-Asset Payment Infrastructure

The company continues to build out payment infrastructure ahead of formal KRW stablecoin institutionalization through its own KRDT stablecoin and BitPal payment platform.

BitPal supports seven mainnets including Base, Arbitrum, and Solana, and the company became the fourth Korean firm to join the x402 Foundation, an AI agent payment standards body, attempting to gain entry into the next-generation payment ecosystem.

The expanding domestic crypto investor base of over 11 million could form a demand foundation for such services.

Large Fundraising Capacity and Group Synergy

The company greatly expanded its fundraising capacity for new-business investment by raising its convertible bond ceiling to KRW 1 trillion, using this to establish or acquire new subsidiaries such as Codeplace, Korea Stablecoin, Blocksome Acquisition Holdings, and Superlabs.

It shares a controlling shareholder with BitMax, the KOSDAQ-listed firm holding the most bitcoin among Korean companies, raising the potential for group-level digital-asset strategy coordination.

Early Entry Amid Institutional Change

As Korean regulators signal the possibility of reviewing the principle separating finance from crypto assets amid an early phase of digital-asset institutionalization, the company has attempted preemptive entry into stablecoin, exchange, and OTC business areas. If institutional frameworks advance, early entry could expand business opportunities.

Bear factors

Structural Decline in the Core Business

Online commerce revenue fell from KRW 19.5 billion in 2023 to KRW 15.7 billion in 2024 and to a cumulative KRW 11.6 billion through Q3 2025, with growth difficult given reliance on Gyeongnam Pharmaceutical products and own-brand distribution. 2025 consolidated revenue also declined year-on-year, and the operating loss widened to KRW 7.48 billion, pushing the operating margin down to -39.6%.

If the core business keeps shrinking while new ventures fail to replace lost revenue, financial pressure could intensify.

Surging Debt and Related-Party Financing Structure

The debt-to-equity ratio surged from 15.2% in 2022 to 300.8% in 2025, driven by large-scale convertible bond issuance.

A KRW 40 billion convertible bond issued in July was subscribed by the Nakamoto Investment Partnership, in which the chairman holds a 17% stake, with BitMax convertible bonds and the chairman's personal real estate provided as collateral. A financing structure centered on related parties can carry dilution and conflict-of-interest concerns.

Execution Risk Across Multiple New Ventures

The company is simultaneously pursuing multiple new ventures in F&B, drones, and digital assets, but none has yet shown clear revenue results.

The net loss attributable to owners expanded from KRW 10.37 billion in 2024 to KRW 31.47 billion in 2025, and the trailing four-quarter cumulative net loss reached KRW 38.72 billion, far exceeding operating losses. Pursuing numerous businesses simultaneously can lead to resource dispersion and management strain.

Risk factors

Regulatory and Institutionalization Uncertainty

Institutional frameworks for KRW stablecoins and security tokens are still being developed, and Korea's corporate account restrictions and custody regulations limit institutional market participation.

Delays or shifts in related legislation could affect the pace of the company's new-business rollout and its underlying business model.

Governance and Financing Risk

Large-scale convertible bond issuance involves related parties (the Nakamoto Investment Partnership and the chairman's personal assets as collateral), raising ongoing dilution and conflict-of-interest concerns.

With the debt-to-equity ratio surging to 300.8%, the impact of any further fundraising or conversion volume on the balance sheet warrants continued monitoring.

Business Execution and Cash Flow Risk

Operating cash flow remained negative at KRW -8.12 billion in 2025, continuing a multi-year negative trend, and with numerous new ventures still in early stages, the timing of profitability improvement remains uncertain.

If core business revenue continues to decline while new-venture revenue contribution is delayed, the need for further fundraising could increase.

What to watch next

Around November 2026
Q3 2026 earnings are expected to be disclosed around this time, warranting a check on whether new ventures in digital assets and F&B are beginning to contribute revenue and whether commerce revenue continues to decline.
During the second half of 2026
Progress on KRW stablecoin and security token legislation, along with any regulatory review of the finance-crypto separation principle, should be monitored for its potential impact on the pace of the company's digital-asset business.
Timing of BitPal's transition to full service
It is worth tracking when BitPal, launched in open beta on August 4, transitions to full service, along with the expansion of x402 specification adoption and whether usage metrics are disclosed.
Upon any additional convertible bond-related disclosure
Any additional issuance, conversion volume, or changes in related-party (e.g., Nakamoto Investment Partnership) stakes under the expanded KRW 1 trillion convertible bond ceiling should be checked for their impact on the capital structure and potential dilution.
Upon any disclosure related to a crypto exchange acquisition
It is worth confirming whether the company follows through on its stated plans to pursue domestic or overseas crypto exchange acquisitions, and whether related disclosures actually materialize.

Overall view

Satoshi Holdings is a company in transition, shifting its center of gravity from a structurally shrinking legacy online commerce and beauty business toward digital-asset ventures such as stablecoins and crypto payments, funded through large-scale convertible bond issuance.

In 2025, revenue, operating profit, and net profit all deteriorated, and the debt-to-equity ratio surged to 300.8%, reflecting an extremely rapid pace of balance sheet change.

On the other hand, moves such as the KRDT stablecoin, the BitPal payment platform, and joining the x402 Foundation can be read as an attempt at preemptive positioning during an early phase of Korea's digital-asset institutionalization.

However, with new ventures yet to show clear revenue results and large convertible bond financing concentrated among related parties, execution capability alongside governance and capital structure changes warrant continued attention.

Future earnings and business direction will likely depend heavily on when new ventures begin contributing revenue and how quickly Korea's digital-asset institutional framework develops. This report is provided for informational purposes only and does not constitute a buy or sell recommendation.

Sources

Korea Exchange (KRX) — Prices · Market Cap · Volume
FSS electronic disclosure system (DART) — Financial statements · Dividend filings

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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.