DDC Enterprise Limited, better known as DayDayCook and listed on the NYSE American under the ticker DDC, has announced a plan to raise up to $528 million to buy bitcoin. The move comes after the company endured at least four consecutive years of losses, a severe collapse in its share price, and a temporary trading halt earlier this year when the stock fell below $0.10 per share.
The announcement marks a dramatic strategic shift for a company that began as an Asian food business. Founded in 2012 by Norma Chu, who serves as founder, chair, and CEO, DayDayCook went public on the NYSE American in November 2023. But its public-market journey quickly became turbulent. According to the source report, DDC struggled financially for years and faced mounting pressure from both regulators and investors as its operating losses continued.
From food brand to bitcoin treasury story
DDC’s recent bitcoin pivot did not emerge in a vacuum. In 2024, the company reportedly faced a delisting threat from the exchange after failing to file its 2023 financial statements on time. It eventually secured an extension and filed the necessary documents, but that did little to reverse the broader deterioration in market confidence.
By early April 2025, the company’s stock had sold off so sharply that trading was temporarily halted on the NYSE American. The report states that DDC’s shares had fallen by nearly 95% during the broader market decline and dropped below the exchange’s minimum acceptable trading range. That plunge was especially striking because the stock had debuted at $212.50 in November 2023.
In response, DDC implemented a 1-for-25 reverse stock split, consolidating every 25 shares into one in order to mechanically raise the per-share price and preserve its trading status. In a shareholder letter cited by the report, Chu said the board unanimously approved the previously ratified measure to help restore the stock to a more acceptable range.
Yet the reverse split was only one part of the company’s attempted turnaround. The more consequential change was DDC’s decision to adopt a bitcoin treasury strategy, joining a growing list of publicly traded companies seeking to use bitcoin exposure as a balance-sheet and market-positioning tool.
Initial bitcoin purchases and a larger roadmap
According to the report, DDC formally signaled its new treasury strategy in a shareholder communication, describing the plan as a way to diversify corporate reserves with cryptocurrency through an initial bitcoin injection. Chu said the company intended to complete the first stage of that strategy within 30 days.
That process began on May 23, when DDC announced its first bitcoin purchase: 21 BTC. The company said that acquisition was funded through a share exchange. At the same time, it laid out a much more ambitious roadmap, targeting a total of 500 BTC within six months and 5,000 BTC within three years.
The latest financing announcement is therefore not an isolated capital raise, but a major escalation of that treasury plan. DDC said proceeds from the new financing package will be used for bitcoin purchases, effectively positioning BTC accumulation as a central pillar of its corporate strategy.
Breakdown of the $528 million financing package
The company’s announced funding stack is composed of several parts. It includes a $2 million equity private placement, a $26 million PIPE transaction, a $200 million equity line, and a $300 million convertible secured note. Taken together, those components amount to as much as $528 million in potential capital available for bitcoin acquisitions.
This structure reflects a blend of traditional public-company financing mechanisms and crypto-aligned capital support. A PIPE, or private investment in public equity, typically allows investors to buy shares at a discount, giving issuers a faster route to funding than a broad public raise. The equity line provides another source of capital over time, while the convertible secured note can offer flexibility for both the company and investors depending on future share performance and financing conditions.
Importantly, the source material does not present this as a general corporate fundraising effort. The stated use of proceeds is specifically tied to bitcoin purchases, underlining how central the treasury strategy has become to DDC’s turnaround narrative.
Crypto investors back the plan
The financing is being led by well-known names from the digital asset and Web3 investment ecosystem, including Animoca Brands, Kenetic Capital, and QCP Capital. The report also notes that Anson Funds, an alternative asset manager, purchased the convertible note and will support the equity line.
The investor list is notable because it suggests DDC’s repositioning is not merely an internal messaging exercise. The company appears to have attracted backing from firms with established exposure to digital assets, potentially giving it greater visibility within the crypto capital markets community. At the same time, such backing does not remove the operational and financial risks associated with the pivot.
A familiar playbook in public markets
DDC’s shift mirrors a wider trend in which struggling or underfollowed public companies adopt bitcoin treasury strategies in an effort to revive market interest, improve capital access, and redefine their investment thesis. The report draws a direct comparison to Metaplanet, the Japanese hotel developer that had posted losses for six straight years before embracing a bitcoin-focused treasury model. Since then, Metaplanet has become one of the better-performing stocks globally, providing a high-profile example of how a bitcoin pivot can radically alter investor perception.
DDC appears eager to pursue a similar outcome. Chu was quoted as saying that the company’s vision is clear: to build the world’s most valuable bitcoin treasury. That statement is ambitious not only in scale but also in symbolism. It suggests DDC is no longer framing bitcoin as a peripheral reserve asset, but as the centerpiece of its future identity in the public markets.
Can bitcoin solve DDC’s deeper problems?
The key question for investors is whether a bitcoin treasury strategy can do more than generate attention. DDC’s recent history includes multi-year losses, filing issues, a temporary trading halt, and an extreme stock-price decline. Buying bitcoin may create a new growth narrative and align the company with one of the strongest-performing assets of the last decade, but it does not automatically resolve underlying weaknesses in the operating business.
Much will depend on execution. The company will need to demonstrate that it can complete the announced financing on workable terms, deploy capital as intended, manage market volatility, and communicate clearly with shareholders about the risks of holding a large BTC position. Bitcoin’s price swings can amplify upside, but they can also intensify balance-sheet pressure if conditions move against the company.
Still, in a market where bitcoin treasury companies have captured outsized attention, DDC’s announcement is likely to keep it in the spotlight. The company has moved from being a little-known food business with a damaged stock chart to a highly unconventional turnaround story tied directly to digital assets. Whether that transformation produces a durable recovery remains uncertain, but the scale of the bet is now unmistakable: up to $528 million aimed at bitcoin after years of financial strain.