Nikolas Sargeant
Hong Kong-based DDC Enterprise has executed its first Bitcoin acquisition, purchasing 21 BTC for $2.28 million as part of an ambitious three-year strategy to accumulate 5,000 Bitcoin.
The New York-listed meal delivery company, operating under the DayDayCook brand, completed the transaction on May 23 by exchanging 254,333 company shares. This marks the beginning of DDC's comprehensive Bitcoin treasury strategy announced earlier in May.
The company plans to expand its holdings rapidly, targeting an additional 79 BTC through two upcoming purchases to reach 100 Bitcoin in the immediate term. DDC's ultimate goal involves acquiring 500 Bitcoin before 2025 concludes, building toward the full 5,000 BTC target by 2028.
If DDC successfully accumulates its planned 5,000 Bitcoin stack, the company would rank among the top corporate Bitcoin holders globally. This position would place DDC just behind Japan's Metaplanet, which currently maintains 7,800 BTC, according to Bitbo analytics.
Market reaction to DDC's Bitcoin announcement proved mixed. Company shares declined 14.5% during regular trading on May 23 but recovered with a 2.43% after-hours gain, closing at $3.79. Despite this recent uptick, DDC stock remains down over 27% year-to-date, reflecting broader market pressures.
Asian Companies Embrace Cryptocurrency Despite Regulatory Challenges
DDC's Bitcoin strategy reflects growing cryptocurrency adoption across Asia, particularly among Chinese companies navigating complex regulatory environments. Despite China's comprehensive ban on cryptocurrency transactions, several firms are pursuing digital asset strategies.
Jiuzi Holdings, a Chinese electric vehicle retailer, recently announced board approval for acquiring 1,000 Bitcoin over twelve months. The company plans to finance purchases through share issuances and direct market purchases, demonstrating alternative approaches to Bitcoin accumulation.
Recent research indicates high-net-worth Asian investors are diversifying away from US dollar investments, increasingly favoring gold, cryptocurrencies, and regional assets. This trend suggests growing institutional confidence in digital assets across the region.
Hong Kong's regulatory landscape continues evolving favorably for cryptocurrency adoption. The Legislative Council recently passed comprehensive Stablecoin Bill legislation, establishing clear frameworks for stablecoin issuers. Industry experts anticipate institutions will access stablecoin issuance licenses before year-end, potentially accelerating regional cryptocurrency integration.
These developments position Asian companies like DDC Enterprise at the forefront of corporate Bitcoin adoption, despite regulatory uncertainties in mainland China.
