DDC Enterprise (DDC), an Asian food company, has announced the acquisition of 21 BTC as part of a long-term plan to incorporate the cryptocurrency into its corporate treasury.
The company, led by founder and CEO Norma Chu, exchanged 254,333 class A ordinary shares for BTC, in a transaction valued at roughly $2.28 million, according to a press release.
The move positions DDC among a growing cohort of public companies using BTC as a treasury asset. Two more purchases totaling 79 BTC are expected in the coming days, bringing the company’s initial holdings to 100 BTC.
In a shareholder letter issued last week, Chu outlined plans to accumulate up to 500 BTC within six months and aim for 5,000 BTC in three years.
While companies adopting bitcoin as a strategic treasury asset often see major price rises, DDC saw the opposite. The company’s shares dropped more than 12% on Friday’s trading session, while the S&P 500 dropped 0.6% and the tech-heavy Nasdaq fell 1%.
DigiAsia (FAAS), for example, saw its share prices surge more than 90% in a single trading session after announcing a $100 million BTC treasury plan earlier this month.
The firm, despite its ambitious plans to accumulate BTC, saw its shares plunge more than 12% in Friday’s trading session. Markets, Bitcoin, Treasury, News CoinDesk: Bitcoin, Ethereum, Crypto News and Price Data
