Sora Ventures is a Hong Kong-based venture capital firm focused on early-stage Web3 and blockchain investments, with a strong conviction bet on the Bitcoin ecosystem. The firm operates from Hong Kong and targets projects across the Asia-Pacific region, though its investment thesis extends globally wherever Bitcoin-native innovation is happening. Public information about total AUM and exact founding year is limited; the firm has not publicly disclosed fund sizes.
What sets Sora Ventures apart from generalist crypto funds is its early and public commitment to the Bitcoin Ordinals ecosystem – a space many institutional investors dismissed as a novelty when it emerged in 2023. The firm positioned itself as a lead backer of projects building on Bitcoin's base layer at a time when most venture capital was still concentrated in Ethereum and Solana ecosystems. This focus has shaped its portfolio toward Bitcoin Layer 2 networks, BRC-20 tokens, and Bitcoin-native decentralized applications.
Notable Investments
- Merlin Chain – a Bitcoin Layer 2 network; Sora Ventures participated in early funding rounds as the Bitcoin L2 narrative gained traction in 2024
- Bitcoin Ordinals ecosystem projects – the firm has backed multiple projects building tooling, marketplaces, and infrastructure around Ordinals and Runes
- Various Asian Web3 projects – gaming, DeFi, and infrastructure teams based in Greater China, Southeast Asia, and Japan
Public information about the full portfolio beyond these categories is limited. The firm has not maintained a comprehensive public portfolio page as of the latest available data.
Team
Jason Fang is the founder and managing partner of Sora Ventures. He has been active in the Asia crypto and blockchain sector for several years and is one of the more visible advocates for Bitcoin-native venture investing in the region. He has spoken at conferences on Bitcoin Ordinals, Bitcoin L2s, and the broader case for investing in the Bitcoin ecosystem beyond simple price exposure. Public information about other named partners or investment team members is limited.
Recent Activity
Over 2024 and into 2025, Sora Ventures was active in the Bitcoin L2 and Ordinals investment cycle, backing projects as capital flowed into the Bitcoin ecosystem following the BRC-20 boom and growing developer interest in Bitcoin programmability. The firm was vocal about Hong Kong's regulatory moves toward crypto licensing and positioned itself as a local institutional voice in that policy conversation.
Sora Ventures represents a focused bet: that Bitcoin will attract a second wave of developer and capital activity beyond its store-of-value narrative, and that Hong Kong will remain a viable hub for that activity. Whether the Bitcoin L2 ecosystem develops the user traction to justify early valuations remains an open question. The firm's concentrated thesis means it stands to benefit significantly if that bet pays off – and faces real portfolio risk if Bitcoin's programmability layer fails to gain mainstream adoption. Investors tracking this space can follow public commentary from Sora Ventures on X and coverage on Crunchbase.
