Sora Ventures

What Sora Ventures does

Sora Ventures is an Asia-Pacific focused venture capital and private investment firm that operates an operator-led model in Bitcoin treasury companies and digital asset infrastructure. Founded in 2017/2018 by Jason Fang (previously of Fenbushi Capital) and headquartered in Taipei, the firm manages three investment vehicles: Fund I ($28M, 2018) which deployed into 70+ web3 and crypto companies, Fund II ($20M, 2024) which marked the strategic pivot toward Bitcoin treasury companies in Asian public markets, and Fund III ($1B target, 2026) which is currently raising from institutional investors and family offices to scale the operating model across Asia-Pacific. In addition, Sora launched two dedicated Bitcoin treasury vehicles in 2025: a $150M Asia-focused fund and a $1B treasury fund backed by $200M in committed capital targeting $1B of BTC purchases within six months.

The firm's core activity is acquiring strategic control positions in undervalued publicly listed companies across Asia and rebuilding them with Bitcoin treasury strategies and digital asset infrastructure. Six "listcos" have been architected: Metaplanet (TSE:3350, Japan), Moon Inc (HKEX:1723, Hong Kong), DV8 (SET:DV8, Thailand), Bitplanet (KOSDAQ:049470, South Korea), AsiaStrategy (NASDAQ:SORA, US-listed after the merger with Top Win International), and Falcon Power (TWSE:1516, Taiwan). Founder Jason Fang serves as Chairman or CEO across most of these vehicles. Portfolio companies collectively hold 41,239 BTC with a stated +114% eighteen-month portfolio ROI. The firm also invests in enabling infrastructure, notably leading the angel round for Saturn's USDat, a yield-bearing stablecoin protocol offering 11%+ returns backed by Strategy's STRC digital credit.

Sora generates revenue through conventional fund management economics (management fees plus carried interest) plus operational value creation in its portfolio companies through board roles, capital markets activity, and treasury strategy execution. Distribution is exclusively referral and introduction based, targeting qualified institutional investors, accredited family offices, and strategic partners; the firm does not accept unsolicited pitches. Marketing is concentrated around the annual Sora Summit event series (held since 2018), industry conferences, and earned media in crypto-native outlets. Sora maintains an active presence in Japan, Korea, Thailand, Hong Kong, Taiwan, and the United States through its six portfolio companies and co-investment partnerships with UTXO Management, BTC Inc / Bitcoin Magazine, YZi Labs, KCGI, and Kliff Capital.

Name

Sora Ventures

Legal name

Sora Venture

Website

https://sora.vc

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

1–10 employees

Ownership category

akta.pro rank

Product category

Venture Capital & Private Equity (Digital Asset Focus)

NAICS

All Other Financial Investment Activities (52399), Portfolio Management and Investment Advice (52394)

SIC

Finance Services (6199), Investment Advice (6282)

akta.pro primary industry

Digital Assets / Crypto Fund of Funds (FSAHAKAL)

Keywords

• Venture capital
• Bitcoin treasury
• Digital asset investment
• Blockchain investment
• Private equity funds

Headquarters

HQ city

Taipei

HQ country

Taiwan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Fund Management: Sora Ventures generates revenue through management fees and carried interest from three investment funds: Fund I ($28M, 2018), Fund II ($20M, 2024), and Fund III ($1B, 2026). The firm deploys institutional capital into Asia's digital asset ecosystem through disciplined, operator-led strategies.
2. Strategic Control Investments: The firm acquires and operates publicly traded companies, taking strategic control and implementing Bitcoin treasury strategies. Revenue comes from value creation in portfolio companies through operational improvements and capital markets activities.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels5 records

Core offering

Sora Ventures is an Asia-Pacific focused venture capital and strategic investment firm that manages three investment funds (Fund I $28M 2018, Fund II $20M 2024, Fund III $1B 2026) deploying capital into Bitcoin treasury companies and digital asset infrastructure. The firm operates an operator-led model, acquiring and taking strategic control of undervalued public companies across Asia (Japan, Korea, Thailand, Hong Kong, Taiwan, and NASDAQ) and rebuilding them with Bitcoin treasury strategies. Additionally, Sora developed the USDat stablecoin protocol delivering 11%+ yield backed by Strategy's STRC digital credit.

Product overview

Sora Ventures is an Asia-Pacific focused Bitcoin treasury and digital asset venture firm operating a multi-fund structure. The firm operates three investment funds: Fund I (2018, $28M, 70+ web3/crypto investments), Fund II (2024, $20M, 15+ Bitcoin treasury investments), and Fund III (2026, $1B flagship institutional fund). Additionally, Sora Ventures has developed the USDat stablecoin protocol, a yield-bearing stablecoin delivering 11%+ returns backed by Strategy's STRC digital credit. The firm's operator-led model involves acquiring and rebuilding undervalued public companies for the digital asset era, with portfolio spanning Metaplanet (Japan), Moon Inc. (Hong Kong), DV8 (Thailand), Bitplanet (South Korea), AsiaStrategy (Nasdaq: SORA), and Falcon Power (Taiwan).

Differentiator

Problem solved

Functional benefit

Brands

• Sora Ventures Fund I: Sora's inaugural fund (2018) establishing foundational presence across Asia's emerging web3 and crypto ecosystem with 70+ investments
• Sora Ventures Fund II
• Sora Ventures Fund III
• Sora Summit
• Sora Academy

Products and services

• Sora Ventures Fund I Inaugural venture capital fund establishing foundational presence across Asia's emerging web3 and crypto ecosystem. Deployed across 70+ companies spanning Bitcoin infrastructure, DeFi, privacy, and decentralized science with $28M AUM raised in 2018.
• Sora Ventures Fund II Second fund marking Sora's strategic pivot toward Bitcoin treasury companies in Asian public markets. Capital deployed into listed companies where Sora takes strategic control and implements disciplined Bitcoin treasury strategies. $20M fund with 15+ investments.
• Sora Ventures Fund III Flagship institutional fund designed to scale the Bitcoin treasury operating model across Asia-Pacific's most significant capital markets. $1B fund targeting one listed company per country built and governed from the inside, available to qualified institutional investors and accredited family offices.
• USDat Stablecoin Protocol Yield-bearing stablecoin protocol delivering 11%+ annual yield backed by Strategy's STRC digital credit and U.S. Treasury bills. Brings Bitcoin-linked yield opportunities onchain and bridges traditional finance with DeFi infrastructure, targeting double-digit yields at $10 billion scale using Bitcoin credit markets.
• Asia Bitcoin Treasury Fund ($150M) $150 million fund advancing Bitcoin-focused treasury strategies among listed companies across Japan, Hong Kong, Thailand, Taiwan, and South Korea. Targets Asia's listed firms seeking to emulate MicroStrategy's Bitcoin strategy and optimize Bitcoin treasuries.
• Asia Bitcoin Treasury Fund ($1B) Asia's first $1 billion Bitcoin treasury fund backed by $200 million commitment from partners and investors. Aims to purchase $1 billion in Bitcoin within six months to support existing treasury firms (Metaplanet, Moon Inc., DV8, BitPlanet) and fuel creation of similar treasuries globally.

Quantifiable outcome

• Portfolio companies hold 41,239 BTC with +114% 18-month ROI
• +2 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Eight partnerships are on record, tiered core and flagship.

• Falcon PowercoreStrategic or Co-development Partner · 6 March 2026Jason Fang appointed Chairman of Taiwan-listed Falcon Power Co. Ltd. (TWSE:1516), an energy materials trading company exploring Bitcoin treasury and digital asset strategies.
• SaturncoreStrategic or Co-development Partner · 15 January 2026Sora Ventures led the angel round for Saturn, a yield-bearing stablecoin protocol delivering 11%+ yield backed by Strategy's STRC digital credit. Saturn is building USDat, the first stablecoin protocol to offer double-digit yields at $10B scale using Bitcoin credit markets.
• BitplanetflagshipStrategic or Co-development Partner · 28 October 2025Sora Ventures-backed Bitplanet (KOSDAQ:049470) launched Korea's first fully regulated BTC purchase by a public company, targeting 10,000 BTC treasury with $40M in fresh capital. Jason Fang serves as Chairman.
• DV8flagshipStrategic or Co-development Partner · 2 September 2025Sora Ventures led consortium acquisition of Thailand's DV8 (SET:DV8) through voluntary tender offer. Jason Fang appointed as CEO. DV8 pivoting to Bitcoin treasury and DeFi banking with 99.9% warrant execution raising $7.4M.
• MetaplanetflagshipStrategic or Co-development Partner · 29 May 2025Sora Ventures partnered with Metaplanet to create Asia's first MicroStrategy analog. Metaplanet (TSE:3350) has amassed 7,800+ BTC valued at $800M+ with stock surging 3,600%+ since early 2024. Jason Fang served on Metaplanet's board establishing the Bitcoin Treasury model.
• AsiaStrategyflagshipStrategic or Co-development Partner · 19 May 2025Sora Ventures merged with Top Win International (NASDAQ:TOPW), changing ticker to SORA and rebranding to AsiaStrategy. Jason Fang appointed Chairman, targeting Bitcoin accumulation as MicroStrategy of Asia.
• BTC Inc / Bitcoin MagazinecoreStrategic or Co-development Partner · 14 March 2025Bitcoin Magazine owner BTC Inc. joined management of HK Asia Holdings with David Bailey and John Riggins taking board roles. Deepening Bitcoin strategy with Asia's first public company under Bitcoin Magazine's management.
• Moon Inc.flagshipStrategic or Co-development Partner · 25 January 2025Sora Ventures and UTXO Management acquired 70.26% of Hong Kong-listed HK Asia Holdings (HKG:1723), rebranding to Moon Inc. for Bitcoin treasury strategy. Stock surged 1,600%+ since announcement.

Scale indicators6 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• Pantera Capital: One of the largest US-based crypto-native venture and token funds with an Asia allocation; Sora competes with Pantera for the same institutional LPs seeking digital asset exposure and is increasingly overlapping on Bitcoin treasury deals.
• Galaxy Digital: Public digital-asset investment and trading firm operating across venture, asset management, and BTC treasury advisory; highly comparable to Sora's combination of fund management, treasury services, and operating exposure.
• UTXO Management: Bitcoin-focused investment firm co-founded by David Bailey that co-invests with Sora across Metaplanet, Moon Inc., and other BTC treasury deals; operates a near-identical Bitcoin-treasary thesis and is Sora's most frequent deal partner.
• HashKey Capital: Hong Kong-based crypto-native venture and liquid token fund; competes with Sora for Asia-focused institutional capital and web3/Bitcoin infrastructure deals.
• Fenbushi Capital: Shanghai-based blockchain venture firm where Sora founder Jason Fang previously worked; comparable as a China/Asia-focused crypto VC, though Fenbushi is broader (token + equity) versus Sora's treasury focus.
• Animoca Brands: Hong Kong-headquartered web3 investor and operator; similar Asia base and digital-asset thesis, though more oriented toward gaming/metaverse rather than Bitcoin treasury.

Broad incumbents

• Strategy (formerly MicroStrategy): The original public Bitcoin treasury company whose playbook Sora explicitly replicates in Asia; comparable as the reference model, though materially larger in scale and not a fund manager.
• Digital Currency Group: Large crypto holding company with venture, lending, and operating subsidiaries; competes for institutional capital and Asia deal flow, but with a much broader scope than Sora's Bitcoin-treasury focus.
• Coinbase Ventures: Investment arm of Coinbase deploying across global crypto and web3; competes for institutional Asia mandates and crypto-infrastructure deals, with significantly more capital and brand reach.

Emerging players

• Metaplanet: Japan-listed Bitcoin treasury company (TSE:3350) and Sora's flagship portfolio company; comparable as a BTC treasury operator in Asia, but a portfolio company rather than a fund manager competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/home
• LinkedInlinkedin.com/company/sora-ventures

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments86 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Sora Ventures