DDC Enterprise Limited, the publicly traded food company behind the DayDayCook brand, has announced plans to raise up to $528 million to acquire bitcoin, marking a dramatic strategic shift after at least four consecutive years of losses. The move comes only months after the company’s shares were temporarily halted on the NYSE American when the stock fell below $0.10 per share.
The financing plan underscores how a growing number of struggling public companies are turning to bitcoin treasury strategies in search of a market reset. For DDC, the pivot is especially striking because it follows a period of operational and capital markets stress, including delayed financial filings, a sharp collapse in share price, and emergency corporate actions to preserve listing status.
A Troubled Stretch for the Public Company
Founded in 2012 by Norma Chu, DDC built its identity around food and cooking. Chu, a Hong Kong native who also resides in Seattle, eventually brought the company public on the NYSE American in November 2023. But the public listing did not translate into financial stability. According to the reported financial picture, DDC had been losing money for at least four years in a row.
In 2024, the company also faced pressure from the exchange over its failure to file 2023 financial statements on time. DDC ultimately secured an extension and submitted the required documents, but the compliance issue was only one part of a broader deterioration in investor confidence.
By early April 2025, the company’s stock had plunged almost 95% in a market selloff, falling from its debut price of $212.50 in November 2023 to less than ten cents per share. That collapse led to a temporary trading halt on the NYSE American, intensifying questions about the company’s future as a listed entity.
Reverse Split to Stabilize the Stock
To address the immediate listing pressure, DDC’s board approved a 1-for-25 reverse stock split. Under the action, every 25 shares were consolidated into one, reducing the number of outstanding shares while lifting the nominal share price into a more acceptable trading range.
In a letter to shareholders, Chu described the step as a necessary response to the trading halt and sub-$0.10 share price. The reverse split had already been ratified by shareholders, and the board moved to implement it as a defensive measure to keep the company’s stock viable in the public market.
But the reverse split was not presented as the company’s main turnaround plan. The more consequential announcement in Chu’s shareholder communication was DDC’s decision to adopt a bitcoin treasury strategy as part of its corporate reserve management.
Bitcoin Becomes the New Treasury Focus
Chu said the company had developed a strategy to diversify reserves through cryptocurrency, with bitcoin at the center of that effort. The company indicated that the first phase of the bitcoin injection would be completed within 30 days, signaling a fast-moving pivot rather than a long-term exploratory effort.
On May 23, DDC announced its first bitcoin purchase, acquiring 21 BTC through a share exchange transaction. At the same time, the company laid out an ambitious accumulation roadmap: 500 BTC within six months and 5,000 BTC within three years.
The latest financing announcement is designed to push that strategy forward at much larger scale. DDC said it has arranged a package consisting of a $2 million equity private placement, a $26 million PIPE financing, a $200 million equity line, and a $300 million convertible secured note. Combined, those facilities amount to up to $528 million, with proceeds earmarked for bitcoin purchases.
Who Is Backing the Deal
The capital raise drew support from several well-known names in the digital asset and Web3 ecosystem. DDC said the financing was led by Animoca Brands, Kenetic Capital, QCP Capital, and other participants. In addition, Anson Funds, an alternative asset manager, purchased the convertible note and will secure the equity line.
The involvement of crypto-native and Web3-focused backers gives the strategy a degree of industry validation, at least from a fundraising standpoint. It also highlights how bitcoin treasury trades are increasingly becoming a bridge between distressed public-market issuers and capital providers looking for leveraged exposure to bitcoin through corporate vehicles.
A Familiar Corporate Pivot
DDC’s shift mirrors a broader market trend in which listed companies with weak operating momentum seek to reinvent themselves through bitcoin accumulation. The article specifically draws a parallel to Metaplanet, the Japanese hotel developer that had also recorded multiple years of losses before adopting a bitcoin treasury model. Metaplanet later became one of the most closely watched stocks in the market, largely because of its bitcoin-linked positioning.
That comparison helps explain why DDC may believe the strategy can do more than diversify reserves. For some companies, bitcoin is being framed not only as a treasury asset but also as a capital markets narrative capable of attracting new investors, improving liquidity, and reshaping valuation expectations.
In DDC’s case, however, the transition is particularly bold because it comes from a company whose original business remains rooted in consumer food. The market will now be watching whether DDC can maintain that business while simultaneously transforming into a de facto bitcoin treasury vehicle.
High Ambition, High Execution Risk
Chu’s message about the company’s objective was direct: DDC wants to build the “world’s most valuable bitcoin treasury.” The statement captures the ambition behind the new plan, but it also raises the stakes. Building a bitcoin-heavy balance sheet through equity-linked and convertible financing can produce substantial upside if bitcoin rises and investors embrace the story. It can also increase volatility and dilution risk if execution falters or market sentiment turns.
For now, the facts are clear. DDC has endured years of losses, a threatened delisting process, a trading halt, and a reverse split. It has already begun buying bitcoin, publicly disclosed accumulation targets, and lined up financing worth as much as $528 million to continue those purchases. Whether that move ultimately resembles a successful reinvention or a high-risk survival strategy will depend on both bitcoin’s market performance and DDC’s ability to convert a dramatic pivot into lasting investor confidence.
Either way, the company has made its bet. After a prolonged decline in its core public-market fortunes, DDC is now staking its turnaround on bitcoin.