TLDR
- DV8 appointed Jason Fang as CEO to lead a Bitcoin treasury and digital asset plan.
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Shareholders exercised 99.9% of DV8-W2 warrants, raising ~241m baht in July.
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A cross-border group ran a July tender offer and reshaped DV8’s board and chair.
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Thailand enabled USDT and USDC use and approved tax relief on crypto gains.
DV8 has named Jason Fang as chief executive to steer a Bitcoin treasury strategy. The Thai-listed firm also raised fresh capital and reshaped its board, and it is preparing governance and disclosure for treasury activity.
DV8 Leadership change and capital position
DV8 said Fang, the founding partner of Sora Ventures, became CEO after a months-long restructuring. A cross-border group led a voluntary tender offer in July, and it positioned the company for a Bitcoin-first approach within ASEAN.
Days later, DV8 appointed Thai investor Chatchaval Jiaravanon as chairman. The board added local executives and crypto operators, and it aligned committees for treasury oversight and market operations.
Excited to announce that I will be running as CEO for @DV8Thailand, working with Chatchaval Jiaravanon, owner of Fortune Magazine and affiliate of CP Group, one of the largest conglomerates in Southeast Asia, joining as Chairman of DV8. This partnership includes other leadership… pic.twitter.com/OJ90r6NK7Y
— Jason Fang (@JasonSoraVC) September 1, 2025
Shareholders exercised 99.9% of DV8-W2 warrants at 0.80 baht in mid-July. The program added about 241 million baht, or roughly 7.4 million dollars, and cash increased by 38%.
The company said the funds support initial treasury steps and infrastructure work. It also pointed to sequencing for purchases, and it stressed regular reporting and filings as activity begins.
Strategy roots and regional template
Fang previously outlined a “MicroStrategy 2.0” approach in Hong Kong. The model pairs direct holdings with yield-oriented structures, and it removes private key management from end investors.
Sora Ventures announced a 150 million dollar fund in December 2024. It was designed to help listed companies adopt balance-sheet Bitcoin within local rules and market practices.
The Sora network has moved into public markets through AsiaStrategy on Nasdaq. It advanced strategic investments and opened settlement pilots, and it has begun taking Bitcoin for luxury watch sales.
DV8 referenced these programs as a template for Thailand. It plans to adapt structures to local custody and brokerage, and it will work within domestic listing and disclosure standards.
Thailand’s policy backdrop and market access
Thailand introduced a five-year personal income tax exemption on crypto gains. The change reduces friction for investors and could support secondary trading around treasury-driven equities.
The securities regulator authorized the use of USDT and USDC for digital asset transactions. Local venues can support stablecoin pairs, and market makers can manage liquidity more efficiently.
Coverage this cycle pointed to a first local spot Bitcoin ETF approval. It suggests regulated exposure is expanding, and it may complement balance-sheet strategies at listed companies.
DV8 said its near-term focus is treasury governance and cadence. It will define thresholds for board approvals, and it will map liquidity sources across domestic and offshore venues.
Roadmap, governance, and ASEAN positioning
The company will publish a treasury policy that covers purchase methods and risk. It will set guidelines for counterparties and custody, and it will define how yield products are used.
Board committees will review reporting on positions and hedges. Disclosures will align with Thai regulations and exchange rules, and the firm will file updates as material events occur.
DV8 aims to connect Thailand with Hong Kong and U.S. markets. Cross-listing pathways and structured products are under review, and vendor selection will continue through Q4.
Management said the objective is a repeatable corporate playbook. It will target liquidity, transparency, and regional access, and it will build toward an ASEAN hub for treasury adoption.
