Hong Kong-based digital food platform DDC Enterprise announced Wednesday that it has raised an additional $124 million in equity funding specifically earmarked for Bitcoin purchases. The NYSE-listed company's shares climbed approximately 3.5% following the announcement, trading just below $9 per share.
PAG Pegasus Fund and Mulana Investment Management led the investment round, with participation from OKG Financial Services Limited. The capital injection advances DDC's ambitious goal to build a 10,000 Bitcoin treasury, worth over $1.2 billion at current market prices, by the end of the year.
DDC founder and CEO Norma Chu stated that the financing round brings substantial strategic value and momentum as the company positions itself as a global leader in the institutional Bitcoin space. She emphasized that the investment from PAG Pegasus Fund, OKG, and Mulana represents an endorsement from respected names in global finance and digital assets.
The company, also known as DayDayCook, operates as a digital platform sharing Asian recipes and cooking tutorials. DDC pivoted to Bitcoin accumulation following a prolonged decline in its stock price, which had fallen below $2 earlier this year. The strategic shift has proven successful, with shares rising approximately 105% since the start of the year.
DDC has already secured 1,058 Bitcoin worth roughly $130 million at recent price levels. The company joins a growing list of firms that have adopted crypto treasury strategies in recent months, following the lead of Strategy (formerly MicroStrategy), which has become the largest corporate holder of Bitcoin.
Companies listed on the Nasdaq are now diversifying into various digital assets, including Ethereum, XRP, and Solana, to generate better returns for shareholders. Strategy's stock price has increased approximately 1,900% since adopting its Bitcoin treasury strategy in 2020, according to Yahoo Finance.
However, the Securities and Exchange Commission recently halted trading of digital advertising firm QMMM Holdings after its stock surged over 2,000% following news of a crypto treasury pivot. The regulator announced that it was investigating potential manipulation of the company's stock, highlighting regulatory scrutiny surrounding such corporate strategies.