Bitcoin Consortium Targets Thai Public Firm in Treasury Strategy Push

A consortium of Bitcoin-native investors is acquiring DV8, a Thai-listed firm primarily engaged in retail and consumer electronics distribution, in a bid to expand the Bitcoin treasury model into Southeast Asia’s public markets.

The consortium intends to acquire “at least 75%” of DV8’s registered capital through a Voluntary Tender Offer, according to a press statement shared with Decrypt. A notice of intent was published by the Stock Exchange of Thailand on Thursday.

The group is led by backers of Metaplanet Inc., the Tokyo-listed firm that has adopted Bitcoin as its primary treasury asset. Consortium members include UTXO Management, Sora Ventures, and Kliff Capital, a Thai asset manager. Metaplanet CEO Simon Gerovich is listed as an individual investor.

Moon Inc. (HKEX: 1723), a Hong Kong-listed telecom firm backed by UTXO and Sora, is also involved. The group is supported by AsiaStrategy (Nasdaq: SORA), which holds stakes in Metaplanet, Moon, and now DV8.

Asked by Decrypt how the consortium plans to balance operations with a Bitcoin-focused strategy, Jason Fang, founder of Sora Ventures, deflected the question, offering only a broad statement of enthusiasm for the Thai market.

Thailand could represent “a market we believe has potential to be the next Metaplanet on SET,” Fang told Decrypt.

Pressed on governance, Fang cited the other shareholders’ track record in Bitcoin but offered no concrete mechanisms or plans for oversight.

Asked about further details on the deal’s ownership structure, a Sora Ventures spokesperson told Decrypt that, according to standards, those details may be available within a week.

A “litmus test” for corporate Bitcoin treasuries

The consortium’s disclosure of its plans follows a broader trend in which small-cap or financially distressed companies have adopted Bitcoin treasury strategies—with mixed results.

Last week, ASX-listed biotech firm Opyl saw its stock spike after announcing a pivot into Bitcoin. Days later, a similar move emerged in Spain, where cafe chain Vanadi Coffee announced a Bitcoin pivot.

Observers in both cases have cautioned on risks that could “trigger forced liquidations and instability,” warning that such “gimmicks” could “likely fail.”

“Bitcoin on the balance-sheet can be either disciplined treasury management or a neon-orange distress flare,” Saul Rejwan, managing partner at early-stage crypto venture capital firm Masterkey, told Decrypt.

Others in the space echo that divide.

“When a company builds a BTC treasury with strategy, conviction, and clear communication, it signals strength,” Vincent Liu, chief investment officer at Taipei-based Kronos Research, told Decrypt. “But when struggling firms make sudden moves, it often feels like a short-term stunt or hype play.”

Jay Jo, senior analyst at Seoul-based Tiger Research, told Decrypt that most corporate Bitcoin strategies “appear short-term driven.” Some firms issuing new shares or increasing debt to fund Bitcoin purchases, even without “solid financial foundations,” could create “systemic risk,” he added.

Still, not all Bitcoin treasury moves are created equal, Rejwan points out.

“The litmus test is sequencing,” he said, adding that “lean organisations with minimal head-count, and therefore lower burn, may survive the down-leg.”

“Those using BTC as life-support for a cash-hungry core business usually do not,” Rejwan said.