Metaplanet Backers Launch Takeover Bid for Thai Listed Company DV8 in Bitcoin Treasury Expansion

A group of Bitcoin-focused investors behind Tokyo-listed Metaplanet Inc. has launched a takeover bid for DV8, a Thai retail and consumer electronics company, as part of an effort to expand Bitcoin treasury adoption across Southeast Asian public markets, according to reporting by Decrypt.

The investor consortium is seeking to acquire at least 75% of DV8's registered capital through a Voluntary Tender Offer, with the Stock Exchange of Thailand publishing a notice of intent on Thursday.

Investment Group Details

The acquisition is spearheaded by key investors in Metaplanet, the Japanese firm that has made Bitcoin its primary treasury reserve asset. The consortium includes UTXO Management, Sora Ventures, and Thai asset manager Kliff Capital, with Metaplanet CEO Simon Gerovich participating as an individual investor.

Additional backing comes from Moon Inc. (HKEX: 1723), a Hong Kong-listed telecommunications company supported by UTXO and Sora. The group also receives support from AsiaStrategy (Nasdaq: SORA), which maintains stakes in Metaplanet, Moon, and now DV8.

Limited Strategic Details

When questioned about operational plans, Jason Fang, founder of Sora Ventures, told Decrypt that Thailand could represent "a market we believe has potential to be the next Metaplanet on SET," referring to the Stock Exchange of Thailand.

However, specifics about the strategy remain unclear. When pressed by Decrypt about balancing operations with Bitcoin-focused strategy, Fang deflected the question, offering only broad enthusiasm for the Thai market.

On governance matters, Fang cited other shareholders' Bitcoin track record but provided no concrete oversight mechanisms or plans.

Deal Timeline

A Sora Ventures representative indicated that ownership structure details may become available within a week, according to regulatory standards.

The acquisition attempt reflects a broader trend of small-cap or financially distressed companies adopting Bitcoin treasury strategies, with mixed results, as noted by Decrypt.

The move would extend the Metaplanet model beyond Japan, potentially establishing Thailand as a new hub for Bitcoin treasury adoption among publicly traded companies in Southeast Asia.