DDC Enterprise Limited (NYSEAM: DDC), an Asian food company better known as DayDayCook, has announced a $528 million fundraise to acquire Bitcoin (BTC). This move comes after the company reported losses for at least four consecutive years and saw its stock price plunge below $0.10 per share in early April 2025, prompting a temporary trading halt on the NYSE American.
Background and Struggles
Founded in 2012 by Norma Chu, DDC went public on the NYSE American in November 2023 at an IPO price of $212.50 per share. However, the company's financial performance deteriorated rapidly. By April 2025, a broad market selloff drove DDC's stock down nearly 95% to under $0.10, leading to a trading suspension. To regain compliance, Chu implemented a 1:25 reverse stock split, consolidating 25 shares into one to lift the share price above the exchange's minimum threshold.
Pivot to Bitcoin Treasury
In a shareholder letter, Chu outlined the new strategy: “We have developed a strategy to diversify corporate reserves with cryptocurrency through an innovative injection of Bitcoin.” DDC made its first purchase of 21 BTC on May 23 via a share exchange, and set a roadmap to acquire 500 BTC within six months and 5,000 BTC within three years. The $528 million funding, announced on Tuesday, includes a $2 million equity private placement, $26 million private investment in public equity (PIPE), $200 million equity line, and $300 million convertible secured note. The raise was led by Animoca Brands, Kenetic Capital, QCP Capital, and others, with Anson Funds purchasing the convertible note.
Following Metaplanet’s Path
DDC’s story mirrors that of Metaplanet, a Japanese hotel developer that was unprofitable for six years before adopting a Bitcoin treasury strategy. Metaplanet subsequently became one of the best-performing global stocks. “Our vision is unequivocal: we are building the world’s most valuable Bitcoin treasury,” Chu said. Whether DDC can replicate that success remains to be seen.