The first Bitcoin reserve company in Taiwan is born! The BTC Coin Hoarding trend is surging towards the Chinese stock market, what signal does it release?

In August 2025, a wave originating from the global Crypto Assets market is sweeping through the Asia-Pacific capital circle with unstoppable momentum. Following the Bitcoin reserve strategy of MicroStrategy in the United States and Metaplanet in Japan, which incorporates Bitcoin into the company's long-term balance sheet, a shocking bomb has finally been dropped in the capital market of Taiwan, China.

In just a few days, two publicly listed companies in Taiwan — Dafen Electric (6184) and Zhizhong Kechuang (8932) — have bravely taken the first step towards embracing Bitcoin through different paths. The market responded with the most enthusiastic reaction, with the stock prices of the related companies soaring, sparking widespread discussion: does this mean that the era of "Bitcoinization" in Taiwan's capital market has arrived? Is a BTC hoarding trend led by publicly listed companies about to sweep the Taiwan stock market?

Taiwan version of MicroStrategy

The one to fire the historic first shot is the well-known Taiwanese cable television and broadband service provider - Da Feng Cable Television Co., Ltd. (referred to as Da Feng Electric, stock code: 6184). On the evening of August 13, the Da Feng Electric board passed a groundbreaking resolution: to officially establish a "Digital Asset Committee" and include Bitcoin in the company's long-term reserve assets. This move makes it the first publicly listed company in Taiwan to announce the incorporation of digital currency into its long-term financial strategy.

As soon as the news broke, the reaction from the capital market was swift. On August 14, as soon as the Taiwan stock market opened, the stock price of Da Feng Electric was directly locked at the 10%涨停板, reaching 56.1 New Taiwan Dollars per share, indicating investors' high recognition and expectations for this decision.

It is worth noting that Da Feng Electric is not a poorly managed company seeking transformation. According to its latest financial report, the company’s revenue in the first half of the year reached 1.078 billion New Taiwan Dollars, a year-on-year increase of 2.2%, setting a record high for the same period in history, indicating a very solid fundamental. This shows that incorporating Bitcoin into its asset reserves is not a speculative move, but rather a forward-looking strategic layout made by a well-operating enterprise in response to the macro environment characterized by persistent global inflation and increasing uncertainty in the returns of traditional assets.

Dafeng Electric stated in its announcement that Bitcoin, with its fixed supply, decentralized architecture, and high global liquidity, has been hailed as the new generation of "digital gold". In the volatile economic and financial environment, it can bring greater stability and flexibility to the company's capital. To ensure the robust execution of this strategy, the newly established "Digital Asset Committee" will be chaired by director Dai Yonghui, with members from core departments including risk management, legal, cybersecurity, and strategy. They will be responsible for formulating asset allocation principles, risk control mechanisms, and information disclosure regulations, emphasizing that the investment amount will be completely separated from daily operating funds to ensure that core business is not affected.

The move by Da Feng Electric is widely regarded by the market as the birth of the "Taiwan version of MicroStrategy." Its demonstration effect is extremely powerful, providing a clear reference and immense imaginative space for other Taiwanese listed companies that are still observing.

Cross-border Financial Chess Game

At the same time that Dafeng Electric has ignited market discussions, another Taiwanese listed company—Zhitong Kechuang Co., Ltd. (stock code: 8932)—has entered the Bitcoin reserve track in a more complex and international manner.

On August 15, the company announced that the board of directors of Zhitong Kechuang officially launched the "Bitcoin Capital Strategy + Cross-Border Finance" dual-engine model on August 8, becoming the first publicly listed company in Taiwan to adopt a Bitcoin capital investment strategy. Specifically, Zhitong Kechuang's layout is divided into two core areas: Investing in SORA to connect the global Bitcoin reserve network: Zhitong Technology announced that it will subscribe to the three-year convertible corporate bonds issued by Top Win International Limited (stock code: SORA), a global Bitcoin reserve strategy investor listed on the Nasdaq in the United States, with an amount of up to $2 million. SORA is a company headquartered in Hong Kong that has transformed from traditional luxury watch business to a platform focused on holding Bitcoin and investing in other Bitcoin reserve companies, with the support of the well-known crypto venture capital Sora Ventures. Through this investment, Zhitong Technology indirectly connects to SORA's Bitcoin reserve ecosystem globally, especially in Asia. Acquiring an Indian financial license to expand cross-border business: Meanwhile, Zhitong Technology announced the acquisition of 100% equity in Letul Investments Private Limited located in New Delhi, which holds an NBFC (Non-Banking Financial Company) license in India and can legally conduct lending, payment, and digital financial services locally.

The combination of these two decisions clearly outlines the grand blueprint of Zhihong Technology Innovation. It is not just about holding Bitcoin as a store of value, but also about integrating Bitcoin as a productive asset deeply with its fintech business in emerging markets like India. In the future, Zhihong Technology Innovation can explore launching innovative services such as cross-border settlement, crypto asset mortgage loans, and Web3 payments, opening up a new revenue growth curve for the company.

This dual-engine model, which combines "asset reserves" with "business applications," has also received positive feedback from the market. Since the announcement was made, the stock price and trading volume of Zhitong Kechuang have significantly increased, indicating that the market has highly affirmed its complex and long-term strategic layout.

Is the coin hoarding trend here?

The direct reserves of Dafeng Electric and the indirect investments and business integration of Zhitong Kechuang represent two different paths for listed companies to embrace Bitcoin, but they both point to a clear trend: Bitcoin is gradually moving from a niche alternative asset into the balance sheets of traditional enterprises.

Will this wave evolve into a "BTC hoarding wave" sweeping the Taiwan stock market? It may be too early to draw conclusions, but several positive signals have already emerged: Demonstration effect emerges: After announcing related strategies, both companies received immediate positive feedback on their stock prices, which will greatly motivate other business managers who are still observing. Global trend resonance: From the U.S. government establishing a Bitcoin strategic reserve to over 167 listed companies worldwide holding Bitcoin as an inventory asset, this has become an irreversible global trend. The participation of Taiwanese companies is an inevitable move in line with the trend. The model is gradually becoming clear: The success of Japan's Metaplanet provides a template for Asian companies to follow. By issuing bonds and stocks, among other methods, to continuously increase their Bitcoin holdings without affecting the cash flow of their main business, while enhancing company valuation and market attention, has become a validated feasible path.

Of course, challenges still exist, including the establishment of relevant accounting standards, the clarification of tax regulations, and how to explain the high volatility of crypto assets to traditional investors. However, these two events in August 2025 have undoubtedly opened a new chapter for the diversification of asset allocation in Taiwan's capital market. The seeds of Bitcoin have been sown, and the market is holding its breath to see if it will grow into a dense forest on this land.