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4d ago

WiseLink Heads $10M Convertible-Note Raise to Back Top Win’s Bitcoin Treasury

The financing ties Taiwan’s fintech ambitions to Bitcoin reserves, spotlighting Top Win’s tight liquidity and disclosure risks

Taiwan’s first Bitcoin treasury company raises $10m to buy BTC
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Overview

  • WiseLink led a $10 million three-year convertible-note round for Nasdaq-listed Top Win International, purchasing $2 million of notes that offer principal protection and optional equity conversion.
  • Top Win plans to deploy the proceeds primarily to purchase Bitcoin and may invest in other public companies with Bitcoin treasury strategies while maintaining it will not operate as an investment company.
  • Tsai Kun Huang, WiseLink’s CEO, described the deal as part of a broader effort to integrate Bitcoin reserves into the company’s cross-border finance and SaaS operations.
  • Top Win disclosed $3.8 million in working capital, $3.0 million in cash and material weaknesses in financial reporting that could pose execution and disclosure challenges.
  • This marks the first time a Taiwan-listed public company has backed a Bitcoin treasury-focused firm, linking Taiwanese capital to an Asia-driven crypto treasury model.