Luxury watchmaker pivots to Bitcoin treasury strategy amid investor backing
TAIPEI, TAIWAN – Top Win International, Taiwan’s first publicly traded corporate Bitcoin treasury, has raised $10 million to launch its BTC acquisition strategy, marking another step in the nation’s growing institutional adoption of digital assets.
The funds came from a group of investors led by WiseLink, a zipper producer and software firm, along with private contributions from United Capital Management of Kansas founder and CEO Chad Koehn and four other backers. WiseLink’s investment was structured as three-year convertible notes following a memorandum of understanding between the two companies outlining future collaboration.
“Top Win intends to use the proceeds primarily to purchase BTC,” the company stated, adding that it may also invest in other publicly listed Bitcoin treasury companies.
Top Win International stock price chart year-to-date.
Strategic shift from luxury watches to Bitcoin
Founded as a luxury watchmaker, Top Win pivoted to a Bitcoin treasury model in May 2025, following a partnership with Sora Ventures, the firm behind Japan’s first corporate Bitcoin treasury via Metaplanet in 2024. As part of the strategic overhaul, Sora Ventures founder Jason Fang joined as co-CEO alongside the existing CEO.
The company also announced plans to rebrand as AsiaStrategy, inspired by global leader MicroStrategy. Despite the name change plans, Friday’s capital raise was still issued under the Top Win International brand.
Market reaction and stock performance
The capital raise announcement drove Top Win’s stock (TWNL) up nearly 13% in pre-market trading to $5.82, though it remains down from its $12.12 peak reached after the Bitcoin pivot announcement in May. Year-to-date, however, the stock is still up approximately 52%.
The move aligns Taiwan with a growing number of markets where listed corporations are holding Bitcoin on their balance sheets, reflecting increasing institutional acceptance of BTC as a treasury reserve asset.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.
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