Source: Cointelegraph
Original: “Bitcoin (BTC) Asset Allocation Shift Boosts Luxury Watchmaker Stock by Over 60%”
Luxury watchmaker Top Win has rebranded to AsiaStrategy and adopted a Bitcoin accumulation strategy.
In an official announcement released on May 16, AsiaStrategy announced a partnership with Sora Ventures to jointly advance the implementation of a Bitcoin (BTC) reserve strategy. Notably, Sora had previously collaborated successfully with Metaplanet in 2024 to establish Japan's first corporate Bitcoin reserve project.
Upon the release of this news, there was a significant reaction in the stock market. Top Win's stock rose from a closing price of $7.50 on May 15 to $12.12 in pre-market trading at the time of writing—an astonishing increase of over 60%.
AsiaStrategy's luxury watchmaking business will develop in parallel with its Bitcoin accumulation strategy, rather than undergoing a complete transformation.
Just one day after the announcement, a Bahrain-based listed catering company with a market capitalization of $24.2 million announced a partnership with investment firm 10X Capital to adopt a Bitcoin reserve strategy. Both companies seem to be following the development path of corporate Bitcoin holding leader Strategy (formerly MicroStrategy).
Jason Fang, founder and managing partner of Sora Ventures, will officially join the board of AsiaStrategy. He will serve as co-CEO of the company alongside Tony Ngai (Kwan Ngai), who previously held the position of CEO and director at Top Win.
Fang's career began at Fenbushi Capital in 2016, and he founded Sora Ventures in 2018. Under his leadership, Sora Ventures has invested in various fields including decentralized finance (DeFi), game finance (GameFi), social finance (SocialFi), and non-fungible tokens (NFTs). Recently, the company has shifted its strategic focus to decentralized science (DeSci) and the construction of the Bitcoin ecosystem.
When the American business intelligence firm Strategy shifted to a Bitcoin accumulation strategy in 2020, it initiated a gradually accelerating industry trend. According to BitcoinTreasuries.NET, the company currently holds nearly $59 billion worth of 568,840 Bitcoins, accounting for over 2.7% of the total globally mineable Bitcoin.
Metaplanet also chose to adopt the same strategy last year, with BitcoinTreasuries.NET reporting that the company now holds over $704 million worth of 6,796 Bitcoins. Last week, the company announced it raised funds through an additional $21.25 million bond issuance to further expand its Bitcoin reserve.
Related: Animoca founder Yat Siu states that student loans can boost DeFi growth.
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