Bitcoin treasury pivot lifts luxury watchmaker’s stock more than 60%

Shares of luxury watchmaker Top Win surged much than 60% connected May has rebranded to AsiaStrategy and is adopting a Bitcoin accumulation strategy.

In a May 16 announcement, AsiaStrategy said it is partnering with Sora Ventures to follow a Bitcoin (BTC) treasury strategy. Sora antecedently partnered with Metaplanet successful 2024 to make Japan’s archetypal firm Bitcoin treasury.

The banal marketplace took contiguous announcement of the announcement. Top Win banal closed the trading time astatine $7.50 connected May 15, but traded astatine $12.12 successful premarket astatine the clip of penning — a leap of implicit 60%.

Top Win stock price. Source: Google Finance

AsiaStrategy’s luxury watchmaking concern volition proceed alongside its Bitcoin accumulation strategy, alternatively than a afloat pivot.

Related: Jim Chanos takes opposing bets connected Bitcoin and Strategy

The announcement comes conscionable a time aft a Bahrain-based, listed catering institution with a $24.2 cardinal marketplace headdress has adopted a Bitcoin treasury strategy successful concern with concern steadfast 10X Capital. Both companies are seemingly acceptable to travel a way akin to the apical firm BTC holder Strategy (previously known arsenic MicroStrategy).

Sora Ventures joins institution board

Jason Fang, the laminitis and managing spouse of Sora Ventures, volition articulation AsiaStrategy arsenic a subordinate of its board. He volition service arsenic co-CEO astatine the steadfast alongside Tony Ngai (Kwan Ngai), who served arsenic the CEO and manager astatine Top Win until now.

Fang started his vocation astatine Fenbushi Capital successful 2016 and aboriginal founded Sora Ventures successful 2018. Under his leadership, Sora Ventures invested successful decentralized concern (DeFi), crippled concern (GameFi), societal concern (SocialFi) and non-fungible tokens (NFTs). More recently, the institution shifted its absorption to decentralized subject (DeSci) and the Bitcoin ecosystem.

Related: Strategy volition bushed each nationalist equities with Bitcoin, expert says

Watchmaker joins Bitcoin treasury trend

When US-based concern quality steadfast Strategy pivoted to accumulating Bitcoin backmost successful 2020, it was the opening of a inclination that would dilatory prime up the pace. BitcoinTreasuries.NET information shows that the institution present holds 568,840 worthy astir $59 billion, implicit 2.7% of each Bitcoin that volition ever beryllium mined.

Metaplanet chose to follow the aforesaid strategy past year, and BitcoinTreasuries.NET reports that they present clasp 6,796 BTC worthy implicit $704 million. Last week, the institution announced that it is raising much funds done another $21.25 cardinal enslaved issue to grow its Bitcoin treasury.

Magazine: Rise of MicroStrategy clones, Asia dominates crypto adoption: Asia Express 2024 review