DDC Enterprise (DDC), an Asian meals firm, has introduced the acquisition of 21 BTC as a part of a long-term plan to include the cryptocurrency into its company treasury.
The corporate, led by founder and CEO Norma Chu, exchanged 254,333 class A bizarre shares for BTC, in a transaction valued at roughly $2.28 million, in accordance with a press launch.
The transfer positions DDC amongst a rising cohort of public firms utilizing BTC as a treasury asset. Two extra purchases totaling 79 BTC are anticipated within the coming days, bringing the corporate’s preliminary holdings to 100 BTC.
In a shareholder letter issued final week, Chu outlined plans to build up as much as 500 BTC inside six months and purpose for five,000 BTC in three years.
Whereas firms adopting bitcoin as a strategic treasury asset typically see main value rises, DDC noticed the other. The corporate’s shares dropped greater than 12% on Friday’s buying and selling session, whereas the S&P 500 dropped 0.6% and the tech-heavy Nasdaq fell 1%.
DigiAsia (FAAS), for instance, noticed its share costs surge greater than 90% in a single buying and selling session after saying a $100 million BTC treasury plan earlier this month.
