The Hong Kong-headquartered heat-and-eat meal vendor DDC Enterprise has made its first-ever Bitcoin buy as a part of a plan to purchase 5,000 Bitcoin over the following three years.
The New York-listed DDC Enterprise, also referred to as DayDayCook, mentioned on Might 23 that it purchased 21 Bitcoin (BTC) in alternate for 254,333 shares in a deal valued at $2.28 million.
The corporate added it plans on shopping for one other 79 BTC throughout two purchases in “the approaching days” to convey its complete Bitcoin stack to 100 BTC.
The buys are a part of DDC’s plan introduced on Might 15 to amass 5,000 BTC over the following three years, with the purpose of shopping for 500 BTC earlier than the tip of 2025.
DDC’s deliberate 5,000 BTC stack, if it held that a lot as we speak, would land it simply exterior the highest 10 public firms with the most important Bitcoin holdings, placing it simply behind Japanese funding agency Metaplanet, which holds 7,800 BTC, in keeping with information from Bitbo.
DDC Enterprise (DDC) shares closed the Might 23 buying and selling session down by 14.5% however rose 2.43% after the bell to $3.79, in keeping with Google Finance. DDC is down over 27% up to now this yr.
China crypto adoption rises
China’s urge for food for cryptocurrencies has been ticking upward up to now few months, regardless of the nation’s years-long complete ban on crypto transactions.
Chinese language electrical automobile retailer Jiuzi Holdings mentioned on Might 22 that its board accepted a plan to buy 1,000 BTC over the following yr by issuing shares of its firm and by instantly shopping for Bitcoin.
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Earlier this month, a report indicated that high-net-worth traders throughout Asia are transferring away from US dollar-based investments to gold, cryptocurrencies, and Chinese language-based property.
Final week, Hong Kong’s Legislative Council handed the Stablecoin Invoice, which establishes a transparent regulatory framework for stablecoin issuers, with establishments possible to have the ability to apply for stablecoin issuance licenses by the yr’s finish.
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