Bitcoin (BTC) asset allocation shift leads to a rise of over 60% in luxury watch manufacturers' stock prices.

Source: Cointelegraph Original text: "Bitcoin (BTC) asset allocation shift leads to over 60% rise in luxury watch manufacturers' stock prices"

Luxury watch manufacturer Top Win has been renamed AsiaStrategy and has adopted a Bitcoin accumulation strategy.

In the official announcement released on May 16, AsiaStrategy announced a partnership with Sora Ventures to jointly promote the implementation of the Bitcoin (BTC) reserve strategy. It is worth mentioning that Sora had previously successfully collaborated with Metaplanet in 2024 to establish Japan's first corporate Bitcoin reserve project.

Once this news was released, it immediately caused a significant reaction in the stock market. Top Win stock has risen from a closing price of $7.50 on May 15 to $12.12 in pre-market trading at the time of writing - an astonishing increase of over 60%.

AsiaStrategy's luxury watchmaking business will develop in parallel with its Bitcoin accumulation strategy, rather than undergoing a complete transformation.

Just one day after the announcement, a publicly listed restaurant company based in Bahrain with a market value of $24.2 million announced a partnership with investment firm 10X Capital to adopt a Bitcoin reserve strategy. Both companies seem to be following the development path of corporate Bitcoin holder leader Strategy (formerly MicroStrategy).

Jason Fang, the founder and managing partner of Sora Ventures, will officially join the board of AsiaStrategy. He will serve as co-CEO of the company alongside Tony Ngai (Kwan Ngai), who previously held the position of CEO and director at Top Win.

Fang's professional career began at Fenbushi Capital in 2016, and he later founded Sora Ventures in 2018. Under his leadership, Sora Ventures has invested in various fields including decentralized finance ( DeFi ), game finance ( GameFi ), social finance ( SocialFi ), and non-fungible tokens ( NFTs ). Recently, the company's strategic focus has shifted towards decentralized science ( DeSci ) and the construction of the Bitcoin ecosystem.

When the American business intelligence company Strategy shifted to a Bitcoin accumulation strategy in 2020, this move initiated a gradually accelerating industry trend. According to data from BitcoinTreasuries.NET, the company currently holds nearly $59 billion worth of 568,840 Bitcoins, accounting for over 2.7% of the total Bitcoin that can be mined globally.

Metaplanet also chose to adopt the same strategy last year. BitcoinTreasuries.NET reports that the company currently holds 6,796 Bitcoins worth over $704 million. Last week, the company announced it raised funds through an additional $21.25 million bond issuance, further expanding its Bitcoin reserves.

Related: Animoca founder Yat Siu stated that student loans could boost DeFi growth.