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Top Win International has announced a $10 million raise that will be used to buy Bitcoin, making it the first company in Taiwan to adopt a Bitcoin treasury strategy. The move, unveiled on August 15, comes as more publicly listed firms around the globe add crypto to their balance sheets.
According to the company, Taiwan-based fintech firm WiseLink played a major role in the raise. WiseLink purchased three-year convertible notes and signed a memorandum of understanding with Top Win, outlining a plan to work together on what it calls a "bitcoin + cross-border finance" initiative.
Other private investors also took part, including Chad Koehn, founder of United Capital Management of Kansas. The fresh capital will be directed mainly toward Bitcoin purchases, with a portion kept for working capital needs.
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 12.5%, trading at $5.80.
The price was a 50% drop from the $12.12 reported in pre-market trading on the day that the company announced its pivot to Bitcoin accumulation. Still, the stock is up almost 51% year-to-date, showing investors remain engaged despite the swings.
Reports have disclosed that Top Win is joining a growing list of companies holding BTC as a core reserve. Market data shows 167 public companies now count Bitcoin on their balance sheets.
Like these companies, Top Win has positioned its bet as a long-term strategy, but it has also hinted at investing in other Bitcoin treasury firms in the future.
Momentum around Bitcoin treasury adoption has also been boosted by recent comments from US Treasury Secretary Scott Bessent.
On Thursday, Bessent said government-seized Bitcoin would form "the foundation of the Strategic Bitcoin Reserve" announced by US President Donald Trump in March. That statement has been seen by market observers as a sign of stronger institutional backing for Bitcoin in the US.
For Top Win, the decision is a major step beyond luxury retail. The Hong Kong-based company, listed on Nasdaq under the ticker SORA, originally announced its digital asset venture in May.