Jason Fang, founding partner of Sora Ventures, was appointed as chief executive officer by DV8. This outlines a shift to a corporate Bitcoin treasury and a broader digital asset strategy, the company said.
The move is being followed by a months-long reshaping of DV8’s ownership and balance sheet.
An acquisition of the Thai-listed firm was initiated by a cross-border group in July. The group includes Sora Ventures, UTXO Management, Kliff Capital, AsiaStrategy, Moon Inc., and Mythos Group. This was done through a voluntary tender offer, which positions DV8 to have a Bitcoin-centric playbook executed for public companies in Southeast Asia.
Days later, Thai investor Chatchaval Jiaravanon was named as chairman by DV8, and its board was expanded with a mix of local executives and crypto operators.
Fresh capital was also raised by DV8 through a warrant program that was completed in mid-July. According to company filings, 99.9% of available DV8-W2 warrants were exercised by shareholders at 0.80 baht, and about THB 241 million, or roughly 7.4 million dollars, was added. This also had cash lifted by 38%. The capital raise gives the company room for treasury activity and related infrastructure work to be begun under the new mandate.
Jason Fang Pioneers Bitcoin Programs for Listed Companies Across Asia
A record of structuring listed-company Bitcoin programs around Asia is arrived with by Fang. A $150 million fund was announced by Sora Ventures in December 2024, which is aimed at having public companies helped in the implementation of balance-sheet Bitcoin strategies that are tailored to local market rules.
In February, a ‘MicroStrategy 2.0’ framework was detailed by Fang in Hong Kong. This framework pairs direct holdings with yield-oriented structured products while private key management is removed from end investors.
The Sora ecosystem has since been moved onto public markets through Top Win International’s merger and rebrand path to AsiaStrategy on Nasdaq. This includes a ticker change to SORA and a subsequent push into strategic investments related to corporate Bitcoin adoption.
In August, a $10 million convertible note that was led by WiseLink was disclosed by AsiaStrategy. It also began accepting Bitcoin for luxury watch sales, which adds an operational settlement layer that complements the treasury thesis.
Thailand’s policy backdrop has been improved for corporates exploring digital assets. A five-year personal income tax exemption on crypto gains for investors was approved by the government. This is a move that has friction reduced for capital formation and potential secondary-market participation around Bitcoin-treasury equities.
The use of USDT and USDC in digital asset transactions has also been authorized by the securities regulator. This is allowing stablecoin pairs on local venues, and the toolkit for market liquidity is being widened. A first local spot Bitcoin ETF approval has also been pointed to by separate coverage this cycle, which is indicating that a gradual expansion of regulated Bitcoin exposure is being seen within the jurisdiction.
For DV8, the immediate roadmap is centered on treasury governance, disclosure cadence, and the sequencing of any initial Bitcoin purchases. The operating basis is being provided by the board transition and new cash.
Prior actions that have been taken around Sora’s network, which include structured yield overlays and cross-listings that connect Hong Kong and U.S. markets, offer a template for how treasury accumulation can be interacted with by corporate finance tools and product initiatives.
The backdrop for Fang’s appointment is being provided by DV8’s tender, board changes, and warrant funding. Decision-making is now being concentrated for a Thai issuer that is pursuing a Bitcoin-first model linked to a wider regional network of public companies and investors.
