Publicly-Traded DDC Acquires 21 bitcoin, Aims to Reach 5,000 BTC in 3 Years

DDC Enterprise (DDC), an Asian meals firm, has introduced the acquisition of 21 BTC as a part of a long-term plan to incorporate the cryptocurrency into its company treasury.

The firm, led by founder and CEO Norma Chu, exchanged 254,333 class A extraordinary shares for BTC, in a transaction valued at roughly $2.28 million, in accordance to a press launch.

The transfer positions DDC amongst a rising cohort of public corporations utilizing BTC as a treasury asset. Two extra purchases totaling 79 BTC are anticipated in the approaching days, bringing the corporate’s preliminary holdings to 100 BTC.

In a shareholder letter issued final week, Chu outlined plans to accumulate up to 500 BTC inside six months and intention for 5,000 BTC in three years.

While corporations adopting bitcoin as a strategic treasury asset usually see main value rises, DDC noticed the other. The firm’s shares dropped greater than 12% on Friday’s buying and selling session, whereas the S&P 500 dropped 0.6% and the tech-heavy Nasdaq fell 1%.

DigiAsia (FAAS), for instance, noticed its share costs surge greater than 90% in a single buying and selling session after asserting a $100 million BTC treasury plan earlier this month.