Taiwan’s first Bitcoin treasury investor bets $10 million on Nasdaq’s SORA

Top Win International, listed on Nasdaq as SORA, has secured $10 million from a group of investors led by WiseLink. This marks the first time a Taiwanese public company has invested in a Bitcoin treasury-focused firm.

According to the companies, the deal was executed through a three-year convertible note and is part of WiseLink’s “Bitcoin + Cross-Border Finance” initiative.

The Hong Kong-based Top Win, traditionally engaged in the trading, distribution, and retail of luxury watches, began shifting toward digital assets in May 2025 through a partnership with Sora Ventures.

The company’s strategy includes holding Bitcoin on its balance sheet and investing in other publicly listed companies with similar treasury models. That pivot followed its April 2025 public listing and ticker change from TOPW to SORA.

WiseLink, traded on the Taiwan Stock Exchange under 8932, operates fintech services in India and develops SaaS solutions, maintaining a long-term partnership with smartphone maker OPPO.

The company’s investment in Top Win establishes a strategic capital and technology collaboration aimed at integrating Bitcoin treasury management with cross-border financial operations. Top Win stated it will use the funds primarily to acquire Bitcoin, with potential allocations toward listed companies pursuing Bitcoin treasury strategies, and for working capital.

Top Win’s earlier moves included acquiring stakes in HK Asia Holdings and Metaplanet, the latter holding roughly 7,800 BTC valued at about 800 million dollars. Metaplanet’s shares have gained over 3,600% in the past year, and HK Asia Holdings delivered a fifteenfold increase in share value after adopting a Bitcoin treasury approach.

These investments align with Sora Ventures’ goal of deploying a $150 million fund to back at least ten public companies with Bitcoin holdings by the end of 2025.

Jason Fang, co-founder of Sora Ventures, was appointed chairman and co-chief executive of Top Win in late May, a leadership change intended to drive the company’s blockchain and digital asset strategy. The company plans regional expansion in markets including Thailand, Taiwan, and South Korea, aiming to scale its Bitcoin-centric capital allocation model.

The convertible note financing with WiseLink adds a cross-border element to the strategy, linking Taiwan’s public markets to Hong Kong’s listed digital asset initiatives. While the note’s specific terms, including conversion price and maturity details, have not been disclosed, the structure positions both companies to align long-term capital deployment with their stated Bitcoin treasury goals.

The deal expands Top Win’s capacity to execute its treasury allocation plans while exposing WiseLink to a hybrid retail and digital asset platform.

Top Win emphasized that it does not intend to operate as an investment company under U.S. securities law, and that all activities will comply with applicable regulatory requirements.

The transaction, which closed before the August 15 announcement, represents another step in the company’s transition from a traditional luxury goods business to an entity balancing physical retail operations with Bitcoin-focused capital strategies.