Top Win, a Taiwan-based watchmaker-turned-BTC treasury, has raised $10 million to purchase BTC tokens. The investment round was led by Wiselink, the first Taiwan-based company in Asia to fund a BTC treasury company.
The funding will be used by Top Win to purchase BTC tokens, said an official announcement on Friday, August 15.
“It may also invest in listed companies with Bitcoin treasury strategies subject always to applicable regulatory requirements, and use such proceeds for working capital,” the statement noted.
Wiselink has disclosed that its funding in Top Win would be executed via a three-year convertible note—a short-term debt instrument that can be converted into equity. The exact investment amount, however, has not been disclosed.
The companies will also be signing an MoU to finalize a strategic capital and technology collaboration under Wiselink’s “Bitcoin + Cross-Border Finance” framework.
Top Win has clarified that it does not plan on operating as an investment firm. It does not intend on engaging in investing or trading in securities.
The founder of Kansas-based United Capital Management, Chad Koehn along with four other investors joined Wiselink in enabling Top Win to create a BTC treasury.
Following the lead by Michael Saylor’s Strategy, companies from other parts of the world are now showing interest in creating stockpiles of the world’s most expensive crypto asset, that recently hit its latest all-time-high exceeding $124,000. India’s IT training institute, Jetking, for instance raised over Rs. 6 crore earlier this year to create a BTC treasury.
As per a May report by Nasdaq, Top Win International rebranded as Asia Strategy after partnering with Sora Ventures to focus on Web3 opportunities.
The government officials of Taiwan, meanwhile, are also mulling if BTC can be integrated into the national financial regime. Earlier this year, Taiwanese legislator Ko Ju-Chun proposed that the government should allocate a small portion of its reserves to BTC and maintain a store of value for long term benefits.