Sora Ventures

Sora operates inside Asian markets rather than studying them from outside. The firm maintains an active presence in Japan, Korea, Thailand, Hong Kong, and Taiwan, with operating oversight across all of them. Deal flow comes through eight years of relationships with local regulators, public company boards, and web3 founders. The firm works exclusively through referrals and introductions.

Sora operates a hybrid model. Its first fund was a traditional early-stage web3 vehicle, but since Fund II the firm has pivoted to acquiring and operating publicly traded companies that implement bitcoin treasury strategies. It still invests in early-stage digital asset infrastructure, but the controlling positions in listed companies now define the firm's architecture.

Sora has architected six bitcoin treasury companies across Asian exchanges: Metaplanet (TSE:3350) in Japan, a Hong Kong-listed entity (HKEX:1723), a Korean entity (KOSDAQ:049470), a Thai entity (SET:DV8), a Taiwan entity (TWSE:1516), and AsiaStrategy (NASDAQ:SORA), through which Sora itself is publicly traded.

Sora reports that its portfolio companies collectively hold over 41,000 BTC. The firm implements treasury strategies directly, meaning the bitcoin sits on the balance sheets of the public companies it controls rather than in a fund vehicle.

Fund III is a $1 billion institutional fund currently being raised. It represents the continuation of Sora's operator model — providing institutional investors with structured, governed exposure to Asia's digital asset markets through listed companies rather than direct token holdings.