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.