Asian food company DDC Enterprise (DDC) has announced the acquisition of 21 BTC as part of its long-term plan to incorporate cryptocurrency into corporate finance.
The company, led by its founder and CEO, traded 254,333 Class A common stock in BTC in a transaction of approximately $2.28 million, according to a press release.
The move places DDCs in a growing cohort of public companies using BTC as their financial assets. Two purchases of 79 BTC total are expected in the coming days, increasing the company’s first holding to 100 BTC.
In a shareholder’s letter issued last week, CHU outlined its plans to accumulate up to 500 BTC within six months and aim for 5,000 BTC in three years.
Companies that employ Bitcoin as a strategic financial asset often see significant price increases, but DDC saw opposition. The company’s shares fell more than 12% in trading sessions on Friday, with the S&P 500 down 0.6% and the high-tech NASDAQ down 1%.
For example, Digiasia (FAAS) has seen its share price rise by more than 90% in one trading session after it announced its $100 million BTC financial plan earlier this month.
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