KEY FACTS: Top Win International, a Taiwan-based luxury watchmaker, has secured $10 million to become Taiwan’s first company to implement a Bitcoin treasury strategy. The funding round, led by Taiwan-listed WiseLink with a $2 million investment in convertible notes and joined by private investors including Chad Koehn of United Capital Management, will primarily fuel Bitcoin purchases, with potential investments in other Bitcoin-holding firms. Partnering with Sora Ventures, which appointed its founder, Jason Fang, as co-CEO, Top Win plans to rebrand as AsiaStrategy, aligning with global trends like MicroStrategy’s Bitcoin-centric model.

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Source: Taiwan, Bitcoin

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Taiwan’s Top Win International to Rebrand to 'AsiaStrategy', Pioneer Bitcoin Treasury Strategy

Top Win International, a publicly traded luxury watchmaker, has secured $10 million in funding to spearhead its ambitious Bitcoin treasury strategy, marking it as the first Taiwanese company to adopt such an approach. The announcement, made on Friday, August 15, 2025, signals a significant shift in corporate investment strategies in Asia, as companies increasingly look to cryptocurrencies like Bitcoin as a store of value and a hedge against economic uncertainties. This development underscores the growing acceptance of Bitcoin in corporate finance and also positions Taiwan as a key player in the global cryptocurrency adoption race.

Top Win International, traditionally known for its high-end timepieces, revealed its bold pivot to a Bitcoin treasury strategy in mid-May 2025, following a strategic partnership with Sora Ventures, an Asia-based cryptocurrency investment firm. This collaboration mirrors Sora Ventures’ earlier success in 2024, when it partnered with Japan’s Metaplanet to establish the first corporate Bitcoin treasury in that country. The move shows a trend among forward-thinking companies worldwide, inspired by the likes of MicroStrategy, which rebranded to Strategy after adopting a similar Bitcoin-centric approach.

The $10 million capital raise was led by WiseLink, a Taiwan-listed company known for its zipper manufacturing and software development, which contributed $2 million through three-year convertible notes. These notes offer WiseLink the flexibility to convert their investment into equity at a later date, balancing risk and potential upside. The remaining funds came from a group of private investors, including Chad Koehn, founder and CEO of United Capital Management of Kansas, along with four undisclosed backers. The investment followed a memorandum of understanding between Top Win and WiseLink, hinting at a deeper collaboration that remains under wraps for now.

According to the company’s announcement, the proceeds will primarily be used to purchase Bitcoin, with Top Win also considering investments in other publicly traded companies that hold significant Bitcoin reserves. However, the company was quick to clarify that it has no intention of operating as an investment firm or engaging primarily in securities trading. “Top Win intends to use the proceeds primarily to purchase BTC,” the company stated, emphasizing its focus on accumulating Bitcoin as a core component of its treasury strategy.

As part of its transformation, Top Win International announced plans to rebrand as AsiaStrategy, a nod to MicroStrategy’s pioneering Bitcoin treasury model. The rebranding reflects the company’s ambition to position itself as a leader in digital asset adoption across Asia, leveraging the region’s untapped potential in the cryptocurrency market. The name change, however, was not referenced in the latest funding announcement, which continued to use the Top Win International moniker, suggesting that the rebranding process may still be in progress.

The strategic shift has already had a significant impact on Top Win’s leadership structure. Jason Fang, founder and managing partner of Sora Ventures, has joined the company’s board and assumed the role of co-CEO alongside the existing chief executive. Fang’s expertise in the cryptocurrency space, combined with his experience in fostering Bitcoin adoption through Sora Ventures, is expected to guide Top Win through its transition into a Bitcoin-focused enterprise.

The market has responded enthusiastically to Top Win’s Bitcoin treasury strategy. Following the initial announcement in May 2025, the company’s stock soared to $12.12 in premarket trading, reflecting a surge of over 60%. The recent $10 million capital raise further bolstered investor confidence, with Top Win’s stock price climbing nearly 13% in premarket trading on August 15, 2025, to $5.82. While this represents a 51% decline from the May peak, the stock remains up an impressive 52% year-to-date, according to Google Finance data.

The positive market reaction shows the growing investor appetite for companies embracing Bitcoin as a treasury asset. As global monetary policies remain loose and geopolitical uncertainties rise, corporations are increasingly turning to decentralized, scarce, and inflation-resistant assets like Bitcoin to safeguard their balance sheets. Top Win’s move aligns with this trend, positioning it as a trailblazer in Taiwan’s conservative financial markets.

WiseLink’s involvement in the funding round is particularly noteworthy, as it marks the first instance of a Taiwan-listed company backing a Bitcoin treasury strategy. Tsai Kun Huang, CEO of WiseLink, emphasized that the investment is not merely about purchasing Bitcoin but about integrating it into the company’s broader cross-border financial operations. Huang highlighted the flexibility of using convertible debt over direct equity investment, noting that it allows WiseLink to secure principal protection and fixed income while retaining the option to convert to equity if Top Win’s performance validates the strategy. This approach reflects a cautious yet optimistic stance on Bitcoin’s potential, balancing risk management with the opportunity to capitalize on the cryptocurrency’s growth.

Top Win’s pivot to a Bitcoin treasury strategy adds to the wave of corporate adoption of cryptocurrencies, particularly in Asia. Japan’s Metaplanet, which partnered with Sora Ventures in 2024, reported $8.4 million in revenue and a 35% rise in gross profit after adopting a similar strategy. Globally, companies like MicroStrategy have raised billions to acquire Bitcoin, setting a precedent for others to follow.

Taiwan itself has shown increasing openness to cryptocurrencies in recent years. While the country has banned Bitcoin ATMs to curb their use as a currency for bank payments, it has not imposed restrictions on Bitcoin exchanges, mining, or trading. Recent developments, such as the Financial Supervisory Commission’s plans to trial crypto custody services through local banks in 2025 and new anti-money laundering regulations for crypto firms, suggest that Taiwan is gradually embracing digital assets while maintaining a cautious regulatory stance.

As Top Win International transitions to its new identity as AsiaStrategy, it aims to tap into Asia’s untapped potential in the digital asset market, potentially inspiring other regional firms to follow suit. With the backing of experienced investors and a clear vision for integrating Bitcoin into its operations, Top Win International is poised to make waves in both the cryptocurrency and traditional financial worlds.

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Information Sources:

• Press Release
• Cointelegraph
• Decrypt

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