A little-known Asian food company named DDC Enterprise Limited (NYSEAM: DDC) or “DayDayCook” has raised $528 million to buy bitcoin ( BTC), according to a Tuesday press release. All this after losing money for at least four years in a row, culminating in a temporary trading suspension in early April, after the firm’s stock tumbled below ten cents.
Norma Chu, founder, chair, and CEO of DDC says she launched the company in 2012 because of her passion for food and cooking. The Hong Kong native and Seattle, Washington resident eventually took the company public on the New York Stock Exchange American (NYSEAM) in November 2023. But based on the firm’s financials, things never really went as planned. DDC bled money for at least four years in a row.
(DDC’s financial performance in Chinese yuan for years 2021-23. DDC also lost money in 2024 / daydaycook.com)
At some point in 2024, the NYSE threatened to delist the company’s stock for failing to file its 2023 financials on time. DDC was able to obtain an extension and eventually filed the required documents, only to have trading of its stock temporarily halted in early April 2025 after a market selloff saw its share price decline by almost 95%. DDC’s stock nosedived below ten cents after having debuted at $212.50 in November 2023.
But Chu wasn’t going down without a fight. She organized a reverse 1:25 stock split where 25 DDC shares were combined into one, for all outstanding shares, resulting in less stock, but now priced just high enough to sustain trading.
“Last Friday, amid a broad market selloff and trading below $0.10 per share, the NYSE-American halted trading of our shares,” Chu wrote in a letter to shareholders. “The board unanimously approved the previously shareholder ratified 1:25 reverse stock split…This action is designed to elevate our share price to a more acceptable trading range.”
Perhaps the most important part of that shareholder letter is the section where Chu announces DDC’s new bitcoin treasury strategy. “We’ve developed a strategy to diversify corporate reserves with cryptocurrency through an innovative injection of bitcoin,” the letter reads. “We plan to complete the initial bitcoin injection in the next 30 days.” And just like that DDC morphed into one of the dozens of struggling public companies that have pivoted to bitcoin treasuries for survival.
(Norma Chu, DDC founder, chair, and CEO / medium.com)
Chu announced DDC’s first bitcoin purchase on May 23. The company bought 21 BTC by selling its stock via a share exchange and unveiled a roadmap for acquiring a total of 500 BTC in six months and 5,000 BTC in three years. Tuesday’s announcement is a step in that direction, with DDC announcing a $2 million equity private placement, a $26 million private investment in public equity (or “PIPE,” where shares are sold at a discount), a $200 million equity line, and a $300 million convertible secured note. Proceeds from all of this, totaling up to $528 million, will be used for bitcoin purchases.
The funding was led by Web3 firm Animoca Brands, crypto venture capital firm Kenetic Capital, digital asset firm QCP Capital, and others. Anson Funds, an alternative asset manager, purchased the convertible note and will secure the equity line.
DDC’s story mirrors that of Metaplanet, a Japanese hotel developer that was losing money for six years in a row before jumping onto the bitcoin treasury bandwagon last year. Metaplanet has gone on to become one of the best-performing global stocks. DDC is hoping for a similar turnaround.
“Our vision is unequivocal: we are building the world’s most valuable bitcoin treasury,” Chu said.
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