Crypto venture capital firm Sora Ventures aims to raise $1 billion to help bolster Bitcoin treasuries in Asia, the firm announced on Friday. 

Starting with $200 million from partners and investors, the firm seeks to accumulate a further $800 million for BTC over the next six months. 

“This is the first time that Asia has seen a commitment of this magnitude toward building a network of Bitcoin treasury firms, with capital commitment towards Asia’s first $1 billion treasury fund,” said Sora partner Luke Liu in a statement. 

The firm said its fund will act differently from other Bitcoin investment vehicles in the region, like the publicly traded firm Metaplanet, which holds 20,000 BTC worth more than $2.2 billion on its balance sheet. 

Instead, Sora’s fund will act as a “central pool of institutional capital designed to both support these existing firms and fuel the creation of similar treasuries globally,” the firm said. 

Sora Ventures did not immediately respond to Decrypt’s request for details on exactly how its fund will operate. 

The Taiwan-based firm aims to put Asia on par with western markets as it comes to institutional adoption of Bitcoin. 

“Asia has been one of the most important markets for the development of blockchain technology and Bitcoin. We have seen a rise in interest from institutions investing in Bitcoin treasuries in the U.S. and EU, while in Asia efforts have been relatively fragmented,” said Sora founder Jason Fang in a statement. 

“This is the first time in history that institutional money has come together, from local to regional, and now to a global stage.”

Last year, Sora invested in Metaplanet, the largest Bitcoin treasury firm in Asia. In July, the firm participated in an acquisition of Thailand’s DV8, a publicly traded firm now undertaking a Bitcoin treasury model. 

The Bitcoin treasury phenomenon first started with Michael Saylor and his business software firm Strategy in 2020. Now more than 300 entities hold the top crypto asset on its balance sheet, with more than 3.7 million BTC accounted for, according to data from BitcoinTreasuries.net. 

Bitcoin is up 1.2 in the last 24 hours and trading at $110,842. 

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