DDC Enterprise (DDC), an Asian food company, announced the acquisition of 21 BTC as part of a long-term plan aimed at joining the cryptocurrency in its business treasure.
The company, led by the founder and CEO, Norma Chu, exchanged 254,333 ordinary class A for BTC, in a transaction worth around 2.28 million dollars, according to a press release.
The move positions DDC among a growing cohort of public enterprises using BTC as a treasure good. Two other purchases totaling 79 BTC are expected in the coming days, bringing the company’s initial assets to 100 BTC.
In a shareholder letter published last week, CHU described the accumulation plans up to 500 BTC in the six months and to target 5,000 BTC in three years.
While companies adopting Bitcoin as an asset of the strategic treasure often see price increases, the DDC has seen the opposite. The company’s shares fell by more than 12% during the negotiation session on Friday, while the S&P 500 dropped by 0.6% and the Nasdaq, technological heavy, dropped by 1%.
DIGIASIA (FAAS), for example, saw its share of equity increase by more than 90% in a single negotiation session after announcing a BTC cash plan of $ 100 million earlier this month.
