Taiwan’s first publicly traded company Bitcoin treasury, Top Win International, raised $10 million to kickstart its BTC accumulation efforts.
The luxurious watchmaker-turned-Bitcoin treasury introduced Friday it raised $10 million from a gaggle of traders led by zipper producer and software program firm WiseLink. The increase was accompanied by non-public investments from Chad Koehn, founder and CEO of United Capital Management of Kansas, alongside 4 different traders.
WiseLink bought three-year convertible notes issued by Top Win. The funding adopted a memorandum of understanding between the 2 firms outlining a yet-to-be-disclosed collaboration.
“TopWin intends to make use of the proceeds primarily to buy BTC.”
The announcement added that Top Win may additionally spend money on listed Bitcoin (BTC) treasury firms alongside shopping for Bitcoin. Still, the corporate stated it “has no plans to function as an funding firm or to interact primarily within the enterprise of investing, reinvesting, or buying and selling in securities.”
Related: Taiwan lawmaker requires Bitcoin reserve at nationwide convention
Evolution of a watchmaker
Top Win International is a Taiwan-based luxurious watchmaker that determined to pivot to a Bitcoin treasury technique in mid-May. The change in technique adopted a partnership with Sora Ventures, the identical firm that partnered with Metaplanet in 2024 to create Japan’s first company Bitcoin treasury.
Top Win additionally introduced that it might change its identify to AsiaStrategy, in a nod to the world’s first Bitcoin treasury firm, Strategy, beforehand often called MicroStrategy. Still, the most recent announcement references the previous firm identify, Top Win International.
Sora Ventures founder and managing accomplice Jason Fang joined the corporate board and took the place of co-CEO alongside the agency’s present CEO. Top Win International’s inventory took instant discover, leaping to $12.12 in premarket buying and selling on the day of the May announcement.
Related: Taiwan enforces AML registration mandate for crypto suppliers
Stock response to BTC technique
The information of the capital increase was seemingly well-received by market individuals on Friday. At the time of writing, Top Win International’s inventory had seen a pre-market worth improve of virtually 13%, buying and selling at $5.82.
The worth was a 51% drop from the $12.12 reported in premarket buying and selling on the day that the corporate introduced its pivot to Bitcoin accumulation. Still, the inventory is up virtually 52% year-to-date.
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