Taiwans First Bitcoin Treasury Company Raises $10m To Buy BTC

Luxury watch retailer Top Win has raised $10 million in an investment strategy that sees it become the first Bitcoin treasury company in Taiwan.

According to a press release, the Hong Kong-based company said its move to venture into digital assets and web3 space sees it become the first Taiwanese public company to adopt Bitcoin (BTC) as a treasury asset.

Top Win International Limited, listed on Nasdaq under the SORA ticker, announced its $10 million raise on August 15, with investors including Taiwan-based publicly traded fintech firm WiseLink.

WiseLink acquired three-year convertible notes as part of its investment in Top Win. The two companies have signed a memorandum of understanding, which establishes a collaboration around WiseLink’s “bitcoin + cross-border finance” initiative.

In addition to WiseLink, Top Win secured private investments from other investors, including Chad Koehn, founder of United Capital Management of Kansas.

Investment towards the BTC strategy follows Top Win’s announcement of the venture in May.

Top Win’s move comes as Bitcoin treasury companies continue to grow in number. The market got a further boost following comments from U.S. Treasury Secretary Scott Bessent. On Thursday, Bessent stated that government-seized BTC will form “the foundation of the Strategic Bitcoin Reserve” President Donald Trump announced in March.

So far, a growing group of public companies are taking a bullish long term bet on BTC.  Top Win joins this trend.

Market data shows shows there are currently 167 public companies holding Bitcoin as a treasury asset. Collectively, these companies hold over 976,132 BTC. Michael Saylor’s Strategy leads the charge with 628,946 BTC, while Metaplanet and Trump Media & Technology Group Corp. hold 18,113 and 15,000 BTC respectively.

Like other firms entering crypto with a treasury strategy, Top Win plans to deploy all proceeds from the raise into purchasing BTC.

The company also plans to consider investing in other publicly listed Bitcoin treasury companies, with some proceeds allocated as working capital. However, it does not intend to operate solely as an investment company.