Taiwan Venture Capital Firm to Create $1 Billion Bitcoin Fund to Support Asia Treasuries

Crypto Daring capital company Sora Ventures wants to pick up $ 1 billion to help strengthen Bitcoin Treasuries in Asia, the company announced on Friday.

Starting with $ 200 million from partners and investors, the company will try to collect another $ 800 million for BTC in the coming six months.

“This is the first time that Asia has seen an obligation of this size to build a network of Bitcoin Treasury companies, with capital obligation towards the first $ 1 billion treasury fund of Asia,” said Sora partner Luke Liu in a statement.

The company said that his fund will act differently than other Bitcoin investment vehicles in the region, such as the listed company Metaplanet, which has 20,000 BTC more than $ 2.2 billion on its balance sheet.

Instead, the Fund of Sora will act as a ‘central pool of institutional capital that is designed to support these existing companies and feed the creation of similar treasury worldwide,’ the company said.

Sora Ventures did not respond immediately Decrypts Request for more information about how the fund will work.

The company based in Taiwan wants to set Asia on the same basis with the Western markets when it comes to institutional acceptance of Bitcoin.

“Asia has been one of the most important markets for the development of Blockchain technology and Bitcoin. We have seen an increase in interest in Bitcoin -Chat boxes investing in the US and the EU, while in Asia efforts are relatively fragmented,” Sora founder Jason Fang in an explanation.

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

Last year Sora invested in Metaplanet, the largest Bitcoin Treasury company in Asia. In July, the company participated in a takeover of the DV8 from ThailandA listed company that is now carrying out a Bitcoin Treasury model.

The Bitcoin Treasury phenomenon started for the first time with Michael Saylor and his business software company Strategy in 2020. Now more than 300 entities hold the upper crypto activum on the balance sheet, with more than 3.7 million BTC, according to data from Bitcointreasuries.net.

Bitcoin has risen by 1.2% for the past 24 hours and acts at $ 110,842.