Top Win International has taken a step towards merging luxury watchmaking with Bitcoin by securing $10 million in funding for its new strategy.
Funds for Bitcoin Accumulation
Top Win International, the first publicly traded corporate Bitcoin treasury in Taiwan, raised $10 million from a group of investors led by WiseLink. The funds, according to the company, will primarily be used for purchasing Bitcoin. Additionally, Top Win may also invest in other companies with corporate Bitcoin treasuries.
Transition from Watchmaking to Bitcoin
Top Win International, previously a luxury watchmaker based in Taiwan, decided to pivot towards a corporate Bitcoin treasury strategy in May this year. This decision followed a partnership with Sora Ventures. The company has also announced plans to change its name to AsiaStrategy, referencing MicroStrategy, the world's first corporate Bitcoin treasury.
Stock Reaction to New Strategy
Market participants reacted positively to the news of the capital raise, lifting Top Win International's stock by nearly 13%. Despite dropping from $12.12 to $5.82, the company's stock has increased by 52% year-to-date.
Top Win International continues to adapt to changing market conditions, and its steps towards Bitcoin investment highlight the growing interest of the corporate sector in cryptocurrencies.
