WiseLink Becomes First Taiwan-Listed Firm to Back Bitcoin Treasury Strategy

WiseLink Co., Ltd. (TW: 8932), a Taiwan-listed technology company, has become the first publicly traded firm in the market to back a Bitcoin treasury strategy. The company led a $10 million funding round for Top Win International Limited (Nasdaq: SORA), a Hong Kong-based luxury watch trader now branching into digital assets.

The investment, structured as a three-year convertible note, will be used by Top Win to acquire Bitcoin and grow its digital asset exposure. The deal also establishes a strategic collaboration between the two firms under WiseLink’s “Bitcoin + Cross-Border Finance” framework, marking a milestone in Asia’s corporate adoption of Bitcoin treasury practices.

WiseLink’s chief executive, Tsai Kun Huang, described the timing of the move as a “golden window” to launch a Bitcoin capital strategy. He pointed to global monetary easing and rising geopolitical uncertainty as reasons why companies are increasingly seeking decentralized and scarce assets. According to Huang, Bitcoin stands out as the most established and widely adopted option.

As part of the deal, WiseLink purchased $2 million in three-year convertible notes, leading the $10 million raise for Top Win. Other participants included U.S.-based investor Chad Koehn, founder of United Capital Management of Kansas, along with four additional backers whose names were not disclosed. The structure gives WiseLink creditor protection while leaving the option open to convert into equity in the future.

Huang explained that convertible notes were chosen over direct equity for “flexibility and risk management.” By entering first as a creditor, WiseLink secures principal protection and fixed income, while reserving the ability to convert into shares once both market conditions and Top Win’s performance are validated. This approach locks in a strategic partnership today, while keeping room for deeper alignment later.

For Top Win International, the fresh capital will primarily go toward purchasing Bitcoin. The company may also allocate funds toward investing in listed firms with existing Bitcoin treasury strategies. However, a spokesperson emphasized that Top Win has no intention of becoming an investment company or engaging in securities trading as its main business. Instead, the initiative is framed as a long-term strategy for diversifying the treasury and business.

The deal builds on Top Win’s recent transformation in partnership with Sora Ventures, an Asia-based crypto investment firm. Earlier this year, the company announced plans to pivot toward a Bitcoin treasury strategy and proposed a name change to AsiaStrategy. Jason Fang, founder of Sora Ventures, has since joined Top Win’s board and taken on the role of co-CEO.

Market reaction to the company’s Bitcoin pivot has been mixed but notable. Top Win’s shares jumped to $12.12 in premarket trading after its May announcement, but later fell by more than half, closing at $5.82. Despite the pullback, the stock remains significantly up year-to-date. 

WiseLink, unlike some firms drawn to Bitcoin as a last resort, appears to be operating from a position of strength. Public filings indicate that the company reported a positive net income in 2023 and generated approximately $46 million in revenue in 2024. For Top Win, however, the financial picture is more modest, with $3.8 million in working capital and reported weaknesses in financial reporting. Still, both companies see Bitcoin as a way to preserve value and unlock new opportunities, underscoring how digital assets are increasingly shaping the strategies of publicly listed firms in Asia.