Hong Kong-Based Food Firm Secures $528 Million to Boost Bitcoin Treasury

Hong Kong-based food brands company DDC Enterprise Limited has closed a $528 million capital raise to build up its Bitcoin treasury, the firm said Tuesday in a statement. It's one of a growing list of firms that have adopted software firm Strategy's crypto-stacking playbook. 

The firm, which is traded on the NYSE American, conducted three securities sales to raise the capital, which will go toward its plan to buy 5,000 Bitcoin over the next three years. Crypto-native firms Anson Funds, Animoca Brands and Kenetic Capital participated in the fundraising efforts.

The firm secured $26 million in in private equity financing, as well as $25 million from convertible notes, which could bring in an additional $275 million through future installments. DDC Enterprise also raised $2 million through a private placement, securing an additional $200 million equity line of credit.

“This maximum aggregate $528 million capital commitment marks a watershed moment for DDC,” DDC Enterprise CEO and founder Norma Chu said, in a statement. “We believe we have unprecedented capacity to execute our mission of building one of the world's most valuable corporate Bitcoin treasuries and becoming a top global Bitcoin holder."

The company kicked off its Bitcoin treasury strategy earlier this year, and had accumulated 138 BTC—currently valued at $14.6 million—as of June 12, per a press release. DDC acquired the Bitcoin at an average price of $78,582 per coin, well below the current BTC price of $105,693.

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DDC will accumulate more Bitcoin while continuing to run its main convenience food business. The company owns global brands that offer ready-to-eat meals and other packaged convenience foods inspired by Asian culinary traditions. Its portfolio includes Thai sauce company Omsom, Thai-American food brand Yai's Thai, and Nona Lima, an Asian-inspired noodles and soups line. The firm also operates DayDayCook, a recipe-sharing platform.

The company’s shares were recently trading at $10.59, down almost 3% over the past 24 hours, Yahoo Finance data shows.

DDC Enterprise’s efforts to raise more than half a billion dollars to boost its Bitcoin treasury comes as a slew of publicly traded companies follow Strategy’s crypto-focused playbook. The Michael Saylor-founded firm began buying the world’s oldest cryptocurrency in 2020. It has amassed more than $63 billion in Bitcoin since then.

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More than 140 public companies hold a combined total of $90.9 billion worth of Bitcoin based on current prices, according to data from bitcointreasuries.net.

Their adoption of Strategy's treasury model has gained steam over the past year, particularly after Bitcoin sailed to new all-time-high price markets north of $100,000 this year.

Edited by Andrew Hayward