South Korea’s New Rules Put Crypto Treasury Firms at Risk of Major Delisting

South Korea’s DAT (Digital Asset Treasuries) crypto firms face fresh delisting risk under revised KOSDAQ regulations taking effect on July 1. Several companies that profited from Bitcoin holdings now sit directly in the crosshairs of the new retention rules.

The reform reshapes how Korean markets treat publicly listed crypto treasury players going forward.

What the New Korean Regulations Mean for DAT Crypto Firms

A Digital Asset Treasury, or DAT, is a publicly listed company that stockpiles cryptocurrencies as a core strategic asset on its balance sheet. The model mirrors what Strategy (formerly MicroStrategy) pioneered in the United States, and what Metaplanet has rolled out across Japanese capital markets.

In this way, South Korea has accelerated the implementation of stricter KOSDAQ listing regulations, effective July 1, 2026. The market capitalization threshold rises to 200 billion KRW (~$145 million) by the end of 2026 and 300 billion KRW (~$217 million) from January 2027.

Firms failing to meet the minimum for 30 consecutive trading days face managed stock status and risk automatic delisting within 90 days unless they recover the required level for 45 consecutive days.

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The trigger for DAT crypto firms is specific. Several of these companies recorded major paper profits through their crypto holdings as Bitcoin rallied across the past year. However, those gains may now fall within the scope of the new retention threshold, exposing the firms to immediate delisting review.

The reform signals a broader regulatory stance. Korean authorities continue tightening every layer of the digital asset ecosystem, from exchange ownership caps to stablecoin frameworks. Moreover, the KOSDAQ revisions now extend that pressure directly to publicly listed firms holding crypto on their corporate balance sheets.

How DAT Crypto Firms Like Bitplanet Are Now Positioned

Bitplanet is the most visible example of South Korea’s emerging DAT crypto sector. The company was created in July 2025 when a consortium led by Asia Strategy and Sora Ventures acquired KOSDAQ-listed SGA. Furthermore, Bitplanet now holds 300 BTC and aims to accumulate 10,000 BTC over the long term.

The firm’s playbook draws directly from international precedents. CEO Lee Seong-hoon has publicly cited Strategy and Metaplanet as the inspiration behind Bitplanet’s model. As a result, the company has positioned itself as Korea’s first true treasury-focused listed crypto vehicle.

Bitplanet is also expanding into operational businesses. The firm recently signed an MOU with Nasdaq-listed Antalpha to deploy Bitcoin mining equipment valued at approximately 15 billion won (~$10.8 million) across sites in Oman and Paraguay. Moreover, AI data center plans add a second revenue stream alongside the core treasury accumulation business.

The broader question is structural. South Korea remains one of the largest retail crypto markets in the world. However, the path for listed DAT crypto firms now depends on how strictly regulators apply the July 1 threshold and whether transparency can outweigh formal compliance gaps under the new framework.

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