In a bold strategic shift, Taiwan’s first publicly traded corporate Bitcoin treasury, Top Win International, has successfully raised $10 million to initiate its Bitcoin acquisition efforts. This move signals a significant transformation for the former luxury watchmaker, which is now positioning itself as a key player in Asia’s growing digital asset landscape.
The recent funding round was led by WiseLink, a Taiwanese zipper producer and software company, marking the first time a publicly listed Taiwanese firm has invested in a Bitcoin treasury company. the investment, structured as a three-year convertible note, follows a memorandum of understanding for a future collaboration between the two companies. Additional private investments came from a group including Chad Koehn, the founder and CEO of United Capital Management of Kansas.
Top Win has stated that the proceeds will be primarily used to purchase Bitcoin. The company may also consider investing in other publicly listed companies that have adopted a Bitcoin treasury strategy. However, Top Win has clarified that it does not intend to operate as an investment company or engage primarily in the trading of securities.
This strategic pivot was set in motion in mid-May when the company announced its partnership with Sora Ventures. Sora Ventures has a track record in this space, having previously partnered with Metaplanet in 2024 to establish Japan’s first corporate Bitcoin treasury. As part of the transformation, Top Win is rebranding to “AsiaStrategy,” a nod to MicroStrategy, the world’s first publicly traded company to adopt a significant Bitcoin treasury. While the recent announcement still referred to the company as Top Win International, shareholders approved the name change to AsiaStrategy on August 5, 2025.
The partnership with Sora Ventures also brought new leadership to the company. Jason Fang, the founder and managing partner of Sora Ventures, has joined Top Win’s board and assumed the role of co-CEO.
The market has reacted with volatility to these announcements. Following the initial news in May of its pivot to a Bitcoin strategy, Top Win International’s stock surged to $12.12 in pre-market trading. While the stock price has since adjusted, the news of the $10 million capital raise was met with a pre-market price increase of nearly 13% on Friday, with the stock trading at $5.82. Despite the fluctuation, the company’s stock is up almost 52% year-to-date, indicating a generally positive investor sentiment towards its new direction.
