Taiwan’s First Public Bitcoin Treasury Signals Asia’s Corporate Crypto Shift
In a landmark move for Taiwan’s corporate crypto landscape, Top Win International, originally a luxury watchmaker, has become Taiwan’s first publicly traded corporate Bitcoin treasury. It has successfully raised $10 million to launch the country’s first corporate Bitcoin treasury. The company is rebranding as AsiaStrategy, positioning itself as a regional counterpart to U.S.-based MicroStrategy.
The funding round, completed on August 15, was led by WiseLink, a Taiwan-listed zipper manufacturer and software firm, which contributed $2 million via three-year convertible notes. Additional backing came from U.S. investor Chad Koehn and four unnamed private investors.
AsiaStrategy plans to use the capital to:
- Accumulate Bitcoin at current market prices (~$42,500 per BTC)
- Invest in other listed Bitcoin treasury firms
- Avoid classification as a traditional investment company, sidestepping regulatory hurdles like SEC oversight
The move follows a strategic alliance with Sora Ventures, which previously helped launch Japan’s first Bitcoin treasury firm, Metaplanet. Taiwan’s July 2025 rollout of a blockchain-based payment system further underscores its ambition to become a regional crypto innovation hub.
Global Context: How Taiwan’s Strategy Compares
| Region/Country | Strategy Type | Key Players / Examples | Funding Mechanism | Regulatory Climate | Unique Traits |
|---|---|---|---|---|---|
| Taiwan | Corporate Treasury (Public) | AsiaStrategy (Top Win) | $10M via convertible notes | Pro-crypto, innovation-focused | First public BTC treasury in Taiwan |
| United States | Corporate + Government Reserve | MicroStrategy, U.S. Treasury | Equity, debt, asset forfeiture | Mixed; evolving federal stance | Largest BTC holder via seizures |
| Japan | Corporate Treasury (Public) | Metaplanet | Convertible debt, equity | Supportive, ETF approvals | Fastest-growing BTC firm in Asia |
| Bhutan | Sovereign Treasury | Druk Holdings | Mining + strategic purchases | Quiet but active | BTC mining via hydroelectric surplus |
| El Salvador | Sovereign Treasury | Government of El Salvador | Direct purchases | Fully legalized BTC | First country to adopt BTC as legal tender |
| UK & Europe | Corporate Treasury (Public) | Smarter Web Co., Blockchain Group | IPO + BTC treasury model | Varies by country | BTC as base layer for equity growth |
Strategic Takeaway
Taiwan’s AsiaStrategy is adopting a cautious yet symbolic approach—leveraging convertible debt and public market transparency to build its Bitcoin reserves.
Unlike MicroStrategy’s aggressive accumulation or El Salvador’s sovereign adoption, Taiwan’s model is corporate-first and regulation-aware, signaling a maturing crypto strategy in Asia.
As Bitcoin continues to gain traction as a treasury asset, AsiaStrategy’s pivot could inspire a wave of publicly listed firms across Asia to follow suit—blending traditional business models with digital asset innovation.