Sora Ventures Bets On Bitcoin With $1 Billion Treasury Push In Asia

Sora Ventures announced the launch of what will be one of Asia’s largest Bitcoin treasury funds, with plans to buy $1 billion BTC over the next six months.

The company unveiled the plan during the Taipei Blockchain Week, when it said investment partners have already committed $200 million to the treasury.

Sora Ventures Aims To Accelerate Bitcoin Adoption In Asia Through A Pooled Approach  

The newly-launched fund is designed to consolidate institutional capital, and aims to support both existing regional treasury firms and the development of new companies.

A partner at Sora Ventures, Luke Liu, described the project as historic, and emphasized that this is the first time Asia has seen such a large-scale coordinated effort to build a network of BTC treasury firms. 

There Could Soon Be A Shift In The Global Bitcoin Treasury Market

Up until now, companies in the EU and the US have led in terms of the corporate adoption of Bitcoin.

Data from Bitcoin Treasuries shows the US leads, with 112 BTC treasury companies. Of these firms, Michael Saylor’s Strategy (formerly MicroStrategy) takes the number one spot with over 630,000 BTC on  its balance sheet.

Corporate Bitcoin adoption statistics (Source: Bitcoin Treasuries) 

Canada and the UK take the second and third place, respectively. 

Sora Ventures managing partner and co-founder Jason Fang commented on the current landscape.

“We have seen a rise in interest from institutions investing in Bitcoin treasuries in the U.S. and EU, while in Asia efforts have been relatively fragmented,” Fang said.

Now, the move by Sora Ventures could position Asia to become a serious contender in the global Bitcoin treasury space.

“This is the first time in history that institutional money has come together, from local to regional, and now to a global stage,” Fang added. 

Sora Ventures started playing a role in Asia’s Bitcoin treasury market last year, when it invested in Metaplanet and supported the company’s allocation of 1 billion yen (around $6.56 million) towards Bitcoin. 

This year, the firm also acquired Moon Inc. in Hong Kong, DV8 in Thailand, and partnered in acquiring BitPlanet in South Korea. All of these deals are to create Bitcoin-first treasury companies. 

Metaplanet And BitPlanet Push Ahead With Their BTC Treasury Plans

There are companies in Asia that have been accumulating Bitcoin prior to the announcement from Sora Ventures. The most notable example is Japan-based Metaplanet, who is the largest Bitcoin treasury company in Asia and the sixth-biggest holder globally with its holdings of 20,000 BTC.

Earlier this week, Metaplanet’s shareholders approved a capital raise program to sell up to 550 million new shares to overseas investors in an effort to raise another $884 million to further its BTC acquisitions. 

Meanwhile, in South Korea, BitPlanet has announced plans to establish the nation’s first institutional-grade BTC treasury. It also revealed that it has raised approximately $40 million, and said it plans to allocate its funds towards BTC buys as part of a long-term strategy.