AsiaStrategy said Sora Ventures CEO Jason Fang is now its largest shareholder following a change to the ownership of its major shareholder, Pride River Limited.
According to a company statement dated Nov. 10, Pride River’s cap table will shift under an agreement signed Nov. 7. It will move from 70% held by Mr. Ngai Kwan and 30% by Sora Vision Limited to 49% held by Mr. Ngai, 30% by Sora Vision Limited, and 21% by Sora Ventures II Master Fund.
As Sora Vision Limited and Sora Ventures II Master Fund are aligned with Fang, he holds the largest effective interest in AsiaStrategy.
The company stated that the update does not alter management, operations, or strategy. AsiaStrategy added that it has purchased Bitcoin gift cards to reward VIP watch customers as it explores links between its luxury watch business and its Bitcoin initiatives.
| Pride River Limited ownership | Before | After (pending consummation) |
|---|---|---|
| Mr. Ngai Kwan | 70% | 49% |
| Sora Vision Limited | 30% | 30% |
| Sora Ventures II Master Fund | — | 21% |
AsiaStrategy, which trades on Nasdaq under the ticker SORA, pivoted in 2025 from its legacy watch distribution business to a listed Bitcoin treasury and institutional strategy vehicle in Asia.
The transition followed a merger path involving Top Win, the former listed entity, and Sora Ventures, with the ticker change to SORA and Fang’s appointment as board chairman forming part of the shift to Bitcoin-focused corporate strategy.
Those steps were detailed when Top Win announced plans to rebrand to AsiaStrategy and when the company confirmed the ticker change and leadership updates through the spring of 2025.
The firm later framed a cross-border execution stack connecting U.S. and Asian market rails, naming Anchorage Digital as custodian and settlement partner. It disclosed an initial 30 BTC on the balance sheet with plans to scale the treasury over time.
AsiaStrategy also described an ambition to build a large regional Bitcoin position as part of an Asia-facing version of the corporate treasury thesis popularized by U.S. peers.
On the operational side, the company linked consumer activity to its treasury model by enabling Bitcoin payments for luxury watch sales, thereby aligning retail flows with long-term accumulation goals.
That capability followed a $10 million convertible investment from Taiwan-based WiseLink in August 2025, which provided additional capital flexibility during the pivot. The company has since continued to reference cross-border institutional strategy as its core mandate, while maintaining the legacy watch business as a channel through which customer rewards and payments can integrate with Bitcoin initiatives.
AsiaStrategy has also been cited in regional corporate efforts to expand Bitcoin treasury adoption. In May 2025, the company outlined strategic investments in Asian Bitcoin sector names, including exposure to Metaplanet and Moon Inc, and positioned itself as an Asia-focused public vehicle for treasury and corporate participation in the asset class.
The firm’s network has intersected with consortium activity pursuing market entries in Southeast Asia, including moves tied to Thailand that involved related parties across Sora Ventures and Metaplanet entities.
The shareholding update focuses on maintaining effective control around Fang-aligned entities without altering the stated plan. For a listed vehicle that utilizes a qualified U.S. custodian for settlement and storage, governance alignment can impact capital deployment pace, risk settings, and deal flow in markets where regulatory and banking access vary by venue.
AsiaStrategy has repeatedly emphasized the value of combining U.S. infrastructure and Asian distribution, and the firm’s watch business offers a consumer-facing on-ramp that can integrate with corporate treasury operations through controlled procurement and reward structures. The announcement that Bitcoin gift cards will be used for VIP customers is an example of that bridge between retail and treasury.
Market participants tracking public company Bitcoin treasuries will watch for subsequent filings that reflect any changes once the Pride River transaction closes. AsiaStrategy previously disclosed a starting point of 30 BTC and a plan to scale, with Anchorage Digital serving as the settlement and custody provider.
Additional capital instruments, including convertibles and cross-border syndicates, have been part of the playbook described this year, alongside direct investments in regional Bitcoin-linked companies. Execution against that playbook, if accompanied by concentrated governance, could affect the speed at which the firm adds Bitcoin or deploys into equity positions tied to the asset.
AsiaStrategy stated that the shareholding changes are pending the consummation of the agreement signed on November 7. The company reiterated that its management team and strategic direction remain unchanged, and that it has begun rewarding VIP watch customers with Bitcoin gift cards.
Disclaimer: Sora Ventures is an investor in CryptoSlate.
