Bitmax Nears 100 Billion Won in Assessed Bitcoin Assets

Bitmax, led by CEO Hong Sanghyuk, which holds the largest amount of Bitcoin among listed companies in Korea, is on the verge of surpassing 100 billion won in assessed assets, fueled by the recent Bitcoin bull market.

According to the virtual asset industry on October 10, as of 11 a.m. on the previous day (October 9), the price of Bitcoin was approximately 177.5 million won. Based on this price, the value of Bitmax’s holdings of 551.23 Bitcoins was estimated at about 97.8 billion won. Compared to the company’s average purchase price of 146.86 million won per Bitcoin, the unrealized profit amounts to roughly 16.9 billion won.

A company representative stated, “We have more than doubled our Bitcoin holdings by purchasing over 250 additional Bitcoins just in the first three quarters of this year,” adding, “Bitmax’s treasury strategy is to manage Bitcoin as a long-term corporate value-based asset, rather than focusing on short-term price movements.”

The representative continued, “Bitcoin has become a core part of our long-term asset portfolio, and as Korea’s top Bitcoin-holding listed company, we will continue to play a leading role in line with changes in the global digital asset market.”

Since the beginning of this year, Bitmax has ramped up its ‘Bitcoin Treasury Strategy,’ overtaking Wemade (223 Bitcoins) and Neowiz Holdings (123 Bitcoins) to become the top Bitcoin-holding listed company in Korea. The company plans to continue acquiring Bitcoin through capital raising and internal reserves.

Additionally, Bitmax is actively seeking to link new businesses based on crypto assets and tokens, such as Korean won stablecoins, security token offerings (STO), and real-world asset tokenization (RWA).

Meanwhile, the global market continues to see Bitcoin’s upward trend. Over the past week, cryptocurrency ETFs listed on the U.S. stock market saw a record net inflow of about $5.95 billion (approximately 8 trillion won), indicating a rapid expansion of institutional investor participation.

Market forecasts suggest that after surpassing $120,000 in early October, the price of Bitcoin could rise further to the $160,000-$200,000 range by the end of the year.

Domestic virtual asset experts commented, “If ETF inflows coincide with the U.S. Federal Reserve’s signal to hold interest rates steady, there is a high possibility that Bitcoin will continue its ‘Uptober’ rally.”

An industry insider remarked, “Bitmax’s actions are the first symbolic case of a Korean company incorporating Bitcoin as a financial strategy asset. Once stablecoin and STO systems are established, Bitmax’s treasury position will evolve beyond a simple investment asset to become a core hub of digital finance.”