Taiwan’s First Public Bitcoin Treasury Top Win Raises $10M to Expand BTC Holdings

Top Win International, Taiwan’s first publicly traded corporate Bitcoin treasury, has raised $10 million to kickstart its Bitcoin (BTC) accumulation efforts. The luxury watchmaker-turned-Bitcoin treasury announced on August 15, 2025, that it secured the funding from a group of investors led by WiseLink, a zipper producer and software company. Additional private investments came from Chad Koehn, founder and CEO of United Capital Management of Kansas, alongside four other investors. WiseLink purchased three-year convertible notes issued by Top Win, following a memorandum of understanding between the two companies outlining a yet-to-be-disclosed collaboration.

"TopWin intends to use the proceeds primarily to purchase BTC."

The announcement also noted that Top Win may invest in listed Bitcoin treasury companies alongside direct Bitcoin purchases. However, the company clarified it has no plans to operate as an investment company or primarily engage in investing, reinvesting, or trading securities.

Evolution of a Watchmaker

Top Win International is a Taiwan-based luxury watchmaker that pivoted to a Bitcoin treasury strategy in mid-May 2025. This strategic shift followed a partnership with Sora Ventures, the same firm that partnered with Metaplanet in 2024 to create Japan’s first corporate Bitcoin treasury. As part of this transition, Top Win announced plans to change its name to AsiaStrategy, inspired by the world’s first Bitcoin treasury company, Strategy (formerly MicroStrategy). Despite this, the latest funding announcement still references the original company name, Top Win International. Jason Fang, founder and managing partner of Sora Ventures, joined Top Win’s board and assumed the role of co-CEO alongside the existing CEO. Following the May announcement, Top Win’s stock surged to $12.12 in premarket trading.

Stock Reaction to BTC Strategy

The $10 million capital raise was well-received by the market. At the time of this report, Top Win International’s stock rose nearly 13% in pre-market trading to $5.82. While this price reflects a 51% decline from the $12.12 premarket peak on the day of the Bitcoin pivot announcement, the stock remains up approximately 52% year-to-date. Top Win International stock price chart year-to-date

Top Win International stock price chart year-to-date

Source: Google Finance

Frequently Asked Questions (FAQ)

About Top Win International's Funding and Strategy

Q: What is the primary purpose of the $10 million raised by Top Win International? A: The primary purpose is to purchase Bitcoin (BTC) and expand its Bitcoin holdings. Q: Who led the investment round for Top Win International? A: The investment was led by WiseLink, a zipper producer and software company, with additional private investments from Chad Koehn, founder and CEO of United Capital Management of Kansas, and four other investors. Q: What is Top Win International's new strategic direction? A: Top Win International has pivoted to a Bitcoin treasury strategy, transitioning from its original business as a luxury watchmaker. Q: What other investments might Top Win International consider? A: Besides direct Bitcoin purchases, Top Win may also invest in other listed Bitcoin treasury companies. Q: Does Top Win International plan to operate as an investment company? A: No, the company has clarified that it does not plan to operate as an investment company or primarily engage in trading securities. Q: What is the significance of the partnership with Sora Ventures? A: Sora Ventures, which also partnered with Metaplanet to create Japan's first corporate Bitcoin treasury, has partnered with Top Win International, indicating a strategic alignment with other pioneering corporate Bitcoin treasury initiatives. Q: What is the planned name change for Top Win International? A: The company plans to change its name to AsiaStrategy, drawing inspiration from MicroStrategy, a prominent Bitcoin treasury company. Q: How did the stock market react to Top Win International's Bitcoin strategy and funding? A: The stock market reacted positively, with Top Win International's stock rising nearly 13% in pre-market trading following the announcement. Q: How has Top Win International's stock performed year-to-date? A: Despite a significant drop from its initial announcement peak, the stock remains up approximately 52% year-to-date.

Crypto Market AI's Take

The strategic move by Top Win International to establish itself as a public Bitcoin treasury highlights a growing trend among traditional companies seeking to diversify their assets and hedge against inflation by holding Bitcoin on their balance sheets. This initiative mirrors the strategies of other publicly traded companies that have embraced Bitcoin as a treasury reserve asset. For businesses looking to understand the nuances of corporate treasury management in the digital asset era, our platform offers detailed insights into how companies are integrating crypto into their treasury strategies. Furthermore, our AI-powered analysis tools can help businesses navigate the volatility and opportunities present in the cryptocurrency market, providing data-driven insights for informed decision-making.

Taiwan’s first Bitcoin treasury Top Win raises 0M for BTC purchases