Taiwan's first publicly traded enterprise Bitcoin treasury, Top Win International, has secured $10 million in funding to launch its BTC accumulation plan.
The company, which has transitioned from a luxury watch manufacturer to a Bitcoin treasury, announced on Friday that it raised $10 million from a group of investors led by zipper manufacturer and software company WiseLink. This funding also includes private investments from Chad Koehn, founder and CEO of Kansas-based United Capital Management, and four other investors.
WiseLink purchased three-year convertible bonds issued by Top Win. This investment was made following the signing of a memorandum of understanding between the two companies, which outlines undisclosed cooperation details.
The announcement added that Top Win may also invest in publicly listed Bitcoin (BTC) treasury companies in addition to purchasing Bitcoin. However, the company stated, "There are no plans to operate as an investment company, nor will it primarily engage in investment, reinvestment, or securities trading."
Top Win International, a luxury watch manufacturer based in Taiwan, decided in mid-May to shift to a Bitcoin treasury strategy. This strategic change was made in collaboration with Sora Ventures, which previously partnered with Metaplanet to create Japan's first corporate Bitcoin treasury in 2024.
Top Win also announced it will be renamed AsiaStrategy, paying tribute to the world's first Bitcoin treasury company, Strategy (formerly MicroStrategy). However, the latest announcement still uses the old company name, Top Win International.
Jason Fang, founder and managing partner of Sora Ventures, has joined the company's board of directors and will serve as co-CEO alongside the current CEO. Top Win International's stock reacted immediately, jumping to $12.12 in pre-market trading on the day of the May announcement.
The funding news on Friday seems to have been well received by market participants. As of the time of publication, Top Win International's stock price rose nearly 13% in pre-market trading, trading at $5.82.
This price is a 51% drop from the $12.12 reported in pre-market trading on the day the company announced its shift to Bitcoin accumulation. However, the stock is still up nearly 52% year-to-date.
Related: David Bailey's Nakamoto completes merger with KindlyMD to form a Bitcoin (BTC) reserve company
Original article: “Taiwan's First Bitcoin Treasury Top Win Secures $10M to Buy Bitcoin”
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