Sora Ventures said the fund is backed by an initial capital commitment of $200 million from institutional partners across Asia.
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Crypto venture capital company Sora Ventures announced a $1 billion Bitcoin treasury fund, and said it plans to acquire the full amount within six months.
On Friday at Taipei Blockchain Week, Sora Ventures founder Jason Fang what he called “Asia’s first $1 billion Bitcoin treasury fund” during a discussion titled, Introducing BTC Strategy into Major Asia Equity Markets.
Sora said the fund is backed by a $200 million capital commitment from institutional partners across the region. In an article shared by Fang, the company said it aims to accelerate Bitcoin adoption among corporate treasuries.
Cointelegraph reached out to Sora Ventures for more information, but did not receive a response before publication.
Sora Ventures to create a centralized institutional Bitcoin pool
Unlike region-specific efforts to stack Bitcoin (), Sora Ventures envisions the fund serving as a centralized institutional vehicle to replicate Bitcoin-first treasury models across Asia and beyond.
Fang noted rising interest in Bitcoin treasuries from institutions in the US and EU, while efforts in Asia have remained fragmented.
“This is the first time in history that institutional money has come together, from local to regional, and now to a global stage,” he said.
The announcement said the treasury fund will become a pool of institutional capital designed to support existing firms and fuel the creation of similar treasuries around the globe.
The company also said it will reinforce support for Asia’s early Bitcoin treasury pioneers while expanding outward. It added that it would create synergies between local and international treasuries to strengthen Bitcoin’s role as a reserve across markets.
Related:
Largest corporate Bitcoin holders in Asia
At the time of writing, Japan’s Metaplanet remains Asia’s biggest corporate Bitcoin holder. The company purchased 1,009 BTC on Monday, , worth about $2.2 billion at current market prices.
Data from BitcoinTreasuries.NET s that some of the biggest BTC holders in Asia include Cango Inc., with more than $570 million in BTC, and Bitfufu, which over $200 million in Bitcoin.
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