DDC Enterprise (DDC), an Asian food business, has announced the acquisition of 21 BTC as part of a long -term plan to incorporate cryptocurrency into its corporate box.
The company, led by founder and CEO Norma Chu, exchanged 254,333 Class A ordinary shares for BTC in a transaction that is valued at approx. $ 2.28 million, according to a press release.
The relocation positions DDC among a growing cohort of public companies using BTC as a treasury asset. Another two purchases are expected a total of 79 BTCs in the coming days, bringing the company’s original holdings to 100 BTC.
In an shareholder letter issued last week, CHU plans to accumulate up to 500 BTC within six months and aim for 5,000 BTC in three years.
While companies that adopt Bitcoin as a strategic treasury often see large price increases, DDC the opposite. The company’s shares fell more than 12%on Friday’s trade session, while the S&P 500 fell 0.6%and the tech-heavy Nasdaq fell 1%.
Digiasia (FAAS), for example, saw its stock prices increasing more than 90% in a single trade session after announcing a $ 100 million BTC Treasury plan earlier this month.
