Taiwan’s first publicly traded corporate Bitcoin treasury, Top Win International, raised $10 million to kickstart its BTC accumulation efforts.

The luxury watchmaker-turned-Bitcoin treasury announced Friday it raised $10 million from a group of investors led by zipper producer and software company WiseLink. The raise was accompanied by private investments from Chad Koehn, founder and CEO of United Capital Management of Kansas, alongside four other investors.

WiseLink purchased three-year convertible notes issued by Top Win. The investment followed a memorandum of understanding between the two companies outlining a yet-to-be-disclosed collaboration.

“TopWin intends to use the proceeds primarily to purchase BTC.”

The announcement added that Top Win may also invest in listed Bitcoin (BTC) treasury companies alongside buying Bitcoin. Still, the company said it “has no plans to operate as an investment company or to engage primarily in the business of investing, reinvesting, or trading in securities.”

Related: Taiwan lawmaker calls for Bitcoin reserve at national conference

Evolution of a watchmaker

Top Win International is a Taiwan-based luxury watchmaker that decided to pivot to a Bitcoin treasury strategy in mid-May. The change in strategy followed a partnership with Sora Ventures, the same company that partnered with Metaplanet in 2024 to create Japan’s first corporate Bitcoin treasury.

Top Win also announced that it would change its name to AsiaStrategy, in a nod to the world’s first Bitcoin treasury company, Strategy, previously known as MicroStrategy. Still, the latest announcement references the old company name, Top Win International.

Sora Ventures founder and managing partner Jason Fang joined the company board and took the position of co-CEO alongside the firm’s existing CEO. Top Win International’s stock took immediate notice, jumping to $12.12 in premarket trading on the day of the May announcement.

Related: Taiwan enforces AML registration mandate for crypto providers

Stock reaction to BTC strategy

The news of the capital raise was seemingly well-received by market participants on Friday. At the time of writing, Top Win International’s stock had seen a pre-market price increase of almost 13%, trading at $5.82.

The price was a 51% drop from the $12.12 reported in premarket trading on the day that the company announced its pivot to Bitcoin accumulation. Still, the stock is up almost 52% year-to-date.

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