AsiaStrategy
SORAA Hong Kong-listed company adopting a Bitcoin treasury strategy
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About AsiaStrategy
AsiaStrategy is a Nasdaq-listed bitcoin treasury company, ticker SORA, headquartered in Hong Kong and formerly a watch trader founded in 2001 that pivoted to digital assets in May 2025. It holds bitcoin on balance sheet with Anchorage Digital as primary custodian and settlement provider for a US-Asia corridor, and beyond holding runs digital-asset-collateralised lending and compute infrastructure, earning from mark-to-market gains, lending spreads and the watch business.
It sits between a listed company and a crypto asset manager: unlike a spot ETF it can pledge holdings to borrow and run active strategies, and unlike a private credit fund its balance sheet and share price are public, so funding cost tracks the premium or discount to net asset value. The asset side is concentrated in bitcoin, and lending scale and counterparties move with the price cycle.
AsiaStrategy (SORA) - latest report: H1 2026 (six months ended June 30, 2026): revenue of USD 6.1 million and net loss of USD 0.6 million; EPS of USD -0.03, operating loss of USD 0.978 million, gross margin 2.3%, operating cash flow of about USD 0.01 million, total assets of USD 36.99 million, digital asset holdings: holds digital assets of USD 2.21 million (including USD 1.76 million of restricted bitcoin pledged as collateral), active users --. The business was originally luxury watch trading (Omega, Longines, Rolex, etc.) and is now pivoting to allocate digital assets and build a crypto treasury. Revenue rose about 39.4% year over year to USD 6.12 million, and the net loss widened to USD 0.649 million (operating loss of USD 0.978 million, including USD 0.868 million of unrealized digital-asset losses). Key risks are volatility in luxury-goods demand, digital-asset prices and concentration in pledged bitcoin, and the small scale of the company.
On 21 April 2026 AsiaStrategy, listed on Nasdaq as SORA, announced plans for a digital-asset pledging business that would let institutions and high-net-worth counterparties borrow dollars against crypto collateral. On 8 September it disclosed a Bitcoin-collateralised credit facility with an Asian institutional counterparty, committed in tranches with loan-to-value, top-up and rollover terms set per drawdown.
AsiaStrategy was formed by merging Hong Kong watch distributor Top Win with Sora Ventures; after the rename Jason Fang became chairman and co-chief executive, and Anchorage Digital serves as custodian. The logic is to convert a balance sheet that only moves with Bitcoin into one that also earns contracted revenue, since interest accrues on agreed terms rather than on price, reducing reliance on issuing more equity. Swapping price exposure for contractual interest turns the balance sheet into a credit-like asset: revenue accrues at an agreed rate, and shortfalls trigger top-ups or partial liquidation. The structure caps upside in a rally, while in a sharp drop what gets tested is the speed of margin calls and custodian execution rather than stated net asset value.
AsiaStrategy will widen the counterparties and collateral types in the lending book, evaluate tokenising the loans, and make selective acquisitions in digital assets and AI.
Jason Fang — Chairman & Co-CEO; founded Sora Ventures in 2018 and drives Bitcoin treasury strategies for Asian listed companies.
Kwan (Tony) Ngai — CEO & Director; formerly of Top Win, overseeing the luxury watch business.
Fung Yee Wong — CFO & Director.
Man Wa Ho — Chief Operating Officer.