Venture Capital Firm Sora Ventures Creates $1 Billion Bitcoin Fund
Sora Ventures has announced a $1 billion Bitcoin fund, the first such centralized fund in Asia. The company’s founder, Jason Fang, announced the initiative at a blockchain conference in Taipei, stating plans to purchase the entire supply of Bitcoin within six months.
With a seed capital of $200 million, provided by institutional partners from the Asian region, the fund is positioned as a centralized vehicle for corporations that should accelerate the adoption of bitcoin by companies as a reserve asset.
Centralization of institutional capital
Fang noted the growing interest in companies with bitcoin reserves from institutions in the U.S. and Europe, highlighting the fragmented nature of such efforts in Asia. “For the first time in history, institutional money is coming together — from the local level to the regional level and now to the global stage,” he said.
The fund will be a pool of institutional capital to support existing companies and create similar reserves around the world. Sora Ventures plans to strengthen its support for Asian pioneers among companies with bitcoin reserves, while expanding its geographic reach.
The company aims to create synergies between local and international reserves to strengthen the role of Bitcoin as a reserve asset in various markets. This approach should unite disparate initiatives into a single ecosystem.
Leaders of Corporate Bitcoin Reserves
At the time of the announcement, Japan's Metaplanet remains the largest corporate holder of Bitcoin in Asia. On August 1, the company acquired 1,009 BTC, bringing its total holdings to 20,000 bitcoins, worth about $2.2 billion at current prices.
Other notable Asian Bitcoin holders include Cango Inc., which holds over $570 million in BTC, and Bitfufu, which holds over $200 million in Bitcoin. Bitcoin Treasuries data shows a gradual buildup of cryptocurrency reserves by Asian corporations.
Top 20 Corporate Bitcoin Holders. Source: Bitcoin Treasuries
Sora Ventures’ initiative could be a catalyst for greater adoption of Bitcoin by the region’s corporate sector. The centralized approach to reserve formation promises to simplify the process for companies considering diversifying their assets into digital currencies.
Source: cryptonews.net
