Crypto VC Sora Ventures Pulls Off Nasdaq Backdoor Listing via Merger with Top Win—Now Trading as AsiaStrategy

In a move that reeks of ’when in doubt, rebrand,’ Sora Ventures just Nasdaq-ified itself by merging with obscure shell company Top Win. The crypto investment firm will now masquerade as AsiaStrategy—because nothing screams ’institutional legitimacy’ like a vague geographic descriptor slapped onto corporate scaffolding.

Wall Street’s latest crypto-curious play follows the well-worn path of SPACs and reverse mergers—because who needs an actual IPO when you can just paperwork your way onto the big boards? The listing gives Sora-turned-AsiaStrategy access to traditional capital markets, though skeptics note this smells suspiciously like a liquidity exit dressed up as strategic expansion.

One thing’s certain: the suits at Nasdaq will sleep better knowing they onboarded a ’blockchain adjacent’ company without having to touch anything as vulgar as an actual cryptocurrency. Progress!

Sora Ventures’ rich crypto history

Established in 2018, Sora Ventures has built a reputation for early-stage investments in blockchain verticals such as DeFi, NFTs, and GameFi, and has more recently concentrated on decentralized science and the Bitcoin ecosystem.

It was an early partner of Metaplanet (TYO:3350), helping position the company as Japan’s first public Strategy (formerly MicroStrategy) analog. In early 2025, Sora expanded that strategy by initiating a similar model in Hong Kong.

Through a collaboration with UTXO Management, it gained controlling ownership in HK Asia Holdings Ltd (HKG: 1723), setting the stage for further institutional Bitcoin integration across the region.

Fang brings experience from multiple market cycles and a disciplined capital deployment track record.

AsiaStrategy Bitcoin treasury model

Under his leadership, Sora Ventures has committed to investing $150 million in Asian public companies adopting Bitcoin treasury models. By year-end, it plans to back at least ten firms.

TopWin will maintain its Core luxury watch distribution business while leveraging Sora Ventures’ Web3 expertise to diversify its portfolio.

The move positions the company to operate across both physical and digital asset classes, aligning with Asia’s accelerating push into tokenized finance.

Pending approval, TopWin’s name change to AsiaStrategy aims to reflect its dual-track operations in legacy and blockchain-based sectors.

The initiative signals increasing institutional coordination around Bitcoin as a treasury reserve asset, particularly in high-growth regions with receptive regulatory climates.

By integrating a Bitcoin treasury and entering public markets through Sora Ventures, the company aims to establish a durable presence in Asia’s evolving capital market.