₿$70,783.79▼ 2.91%
AsiaStrategy
SORA🇰🇾Leveraged
AsiaStrategy (formerly Top Win International Limited) is a Hong Kong-based luxury watch distributor listed on NASDAQ that pivoted to a Bitcoin treasury strategy in mid-2025. The company raised $10M through convertible notes to fund BTC purchases and partnered with Anchorage Digital for custody.
BTC Holdings
30 BTC
Insufficient history
Stock Price
$1.89
180d
Total financing
15.20M USD
Insufficient history
mNAV
24.05x
180d
Leverage
452.3%
180d
BTC Credit
6722 bps0.2x
Sats/Share
111
180d
Mkt capFD
51.07M USD
SharesFD
27.02M
Fiat reserve
5.59M USD
Total reserve
7.71M USD
Dilution
8.7%
Coverage
7.1 yr
BTC mix
66%
Analytics
BTC Coverage
Financials
US-GAAPSemi-AnnualAs of 2025-06-30
Balance Sheet
Total Assets$14.2M
Total Liabilities$5.3M
Stockholders' Equity$8.9M
Cash & Equivalents$5.6M▲236.8%
Total Debt$5.2M
Digital Assets—
Income Statement
Revenue$4.4M▼44.6%
Operating Income$-522.5K▼340.2%
Net Income$-563.1K▼158.2%
Interest Expense$117.4K▼18.6%
Cash Flow
Operating Cash Flow$-3M▼386.1%
Instruments
| Instrument | Term | Coupon | Principal | Outstanding | Conv. price | BTC Rating |
|---|---|---|---|---|---|---|
| SORA-Oct28 | Oct '25 – Oct '28 | 3% | 10.00M USD | 10.00M USD | 4.64 USD | 0.2x |
| Total | 10.00M USD | |||||