DDC Enterprise (DDC), an Asian food company, has announced the acquisition of 21 BTC as part of a long -term plan to incorporate cryptocurrency into its corporate treasure.
The company, led by the founder and CEO Norma Chu, exchanged 254,333 ordinary class A for BTC, in a transaction valued at approximately $ 2.28 million, according to a press release.
The movement positions DDC between a growing cohort of public companies that use BTC as a treasure asset. Two more purchases are expected for a total of 79 BTC in the next few days, which carries the company’s initial holdings to 100 BTC.
In a shareholder letter issued last week, Chu described the plans to accumulate up to 500 BTC in six months and aim at 5,000 BTC in three years.
While companies that adopt Bitcoin as an asset of strategic treasure often see the great price increases, DDC saw otherwise. The company’s shares fell more than 12% in Friday’s negotiation session, while the S&P 500 fell 0.6% and the Nasdaq Technological Heavy fell by 1%.
Digiasia (FAAS), for example, saw that the prices of their shares increase more than 90% in a single negotiation session after announcing a BTC Treasury Plan of $ 100 million earlier this month.
