Sora Ventures Merges With Top Win, Expands Bitcoin Treasury Strategy In Asia

Sora Ventures, a prominent player in the blockchain and digital assets sector, is set to join the public markets through a strategic merger with Top Win International Limited, a Hong Kong-based luxury watch distributor. This partnership marks a significant shift for Top Win, which is transitioning into the digital assets sector. Instead of pursuing an independent Initial Public Offering (IPO), Sora Ventures will integrate into Top Win’s existing publicly traded structure.

As part of this strategic move, Sora Ventures will rebrand to AsiaStrategy, with founder Jason Fang assuming the role of Co-CEO alongside Tony Ngai. This rebranding reflects the company's broader strategy to leverage Sora Ventures' expertise in blockchain and digital assets, particularly in institutional Bitcoin integration. Top Win aims to utilize Sora Ventures' domain knowledge to lead investment and treasury initiatives across emerging capital markets in Asia.

Top Win's decision to expand into blockchain and Web3, adopt a Bitcoin-based treasury strategy, and reposition its business model aligns with the growing interest in digital assets across Asia. The company plans to incorporate Sora Ventures' approach to capital deployment, including managing a fund dedicated to Bitcoin treasury allocations in public companies across the region. This move positions Top Win to operate across both physical and digital asset classes, reflecting Asia’s accelerating push into tokenized finance.

Sora Ventures, established in 2018, has a rich history in the crypto space, with early-stage investments in blockchain verticals such as DeFi, NFTs, and GameFi. More recently, the firm has focused on decentralized science and the Bitcoin ecosystem. Sora Ventures was an early partner of Metaplanet, helping position the company as Japan’s first public Strategy analog. In early 2025, Sora expanded this strategy by initiating a similar model in Hong Kong through a collaboration with UTXO Management, gaining controlling ownership in HK Asia Holdings Ltd.

Under Jason Fang's leadership, Sora Ventures has committed to investing $150 million in Asian public companies adopting Bitcoin treasury models. By year-end, the firm plans to back at least ten firms. This initiative signals increasing institutional coordination around Bitcoin as a treasury reserve asset, particularly in high-growth regions with receptive regulatory climates. By integrating a Bitcoin treasury and entering public markets through Sora Ventures, the company aims to establish a durable presence in Asia’s evolving capital market.