An international consortium, spearheaded by Sora Ventures, UTXO Management, and Kliff Capital, recently convened with former Thai prime minister Thaksin Shinawatra in Bangkok to propel Thailand’s role as a central hub for Bitcoin as a treasury asset within the ASEAN region.
The gathering brought together key executives from AsiaStrategy, Nakamoto, Moon Inc., and Kliff Capital, alongside Thaksin, who currently advises the Malaysian prime minister on ASEAN affairs. The primary objective was to explore the positioning of Thailand as a key player in regional digital asset reserve development.
The consortium is building upon a successful model implemented in Japan through Metaplanet, often dubbed as Asia’s equivalent of Strategy (formerly known as MicroStrategy). Metaplanet shifted a portion of its treasury into Bitcoin in 2024 with Sora Ventures as a crucial supporter, resulting in significant valuation gains that validated structured Bitcoin allocation in corporate reserves. This approach has evolved into what Sora terms “MicroStrategy 2.0,” a strategy that combines direct holdings with structured yield products targeting both institutional and retail investors.
The meeting in Bangkok coincides with AsiaStrategy’s rapid expansion across Asia’s public markets, following its merger with Nasdaq-listed Top Win. The group has acquired listed companies in Thailand and South Korea to serve as vehicles for Bitcoin treasury deployment. Recently, the consortium completed a tender offer for DV8, a Thai-listed firm, raising approximately THB 241 million, or $7.4 million, to support a transition into digital asset strategies. Additionally, the group acquired South Korea’s SGA Co. for around $25 million, expanding its presence beyond Thailand.
The discussions in Bangkok focused on aligning these corporate treasury initiatives with national policy. Thaksin highlighted that a Bitcoin-based digital asset reserve could enhance Thailand’s long-term financial stability, promote financial inclusion, and attract international capital within a regulated framework. His involvement ties digital asset strategy to ASEAN-level policy aspirations, given his advisory role with the Malaysian government.
ASEAN’s ten member states collectively represent an economy worth over $3.8 trillion, underlining the vast reserves that a Bitcoin treasury strategy could leverage. AsiaStrategy serves as the listed investment platform, providing the consortium with a public-market presence and access to global capital flows. The strategy is modeled after treasury shifts that significantly increased Metaplanet’s valuation in Japan, demonstrating how Bitcoin allocation can drive equity performance.
The Bangkok initiative marks the initial step towards formal alignment between Thailand’s political leadership and the digital asset treasury consortium. For investors, the development of corporate entities like DV8 and public platforms like AsiaStrategy offers a pathway for exposure to Bitcoin as a strategic reserve asset in a regulated market. Thailand has the potential to establish itself as the central hub for digital asset treasury within ASEAN, leveraging foreign capital and regulatory clarity. The meeting with Thaksin solidifies political support for this agenda, positioning the consortium to integrate Bitcoin strategies into corporate and national finance across the region.