E-commerce company DDC Enterprise announced its plans to adopt a strategic Bitcoin reserve, with the goal of accumulating at least 5,000 BTC within the next 36 months. It initially invested in 100 BTC ($10.3 million).
Through an official statement, the e-commerce company that operates between China and the United States unveiled plans to adopt a Bitcoin (BTC) strategy as part of its 2025 initiatives moving forward. The companyโs Founder, Chairwoman, and CEO Norma Chu claims Day Day Cook has become one of the first companies in its sector to embrace BTC as a reserve asset.
โWe are embarking on a pioneering initiative to position DDC at the forefront of digital asset innovation with laser-focused execution on Bitcoin accumulation,โ said Chu in her shareholder letter.
After making an initial purchase of 100 BTC, Chu stated that the company has a short-term target and a long-term target for Bitcoin accumulation. For the first six months, the firm plans to acquire around 500 BTC or equal to $51.7 million. Additionally, over the next 36 months, the company hopes to have 5,000 BTC on its balance sheet.
At press time, Bitcoin has gone up by 1.5% in the past 24 hours. BTC has been trading hands at a price off $103,557. In recent weeks, BTC has been in an ongoing rally fueled by trade agreements from the U.S. and China, surging past the $105,000 mark just last week. The largest cryptocurrency by market cap has gone up by 23.6% in the past month.
DayDayCook is a food company originating in Hong Kong that expanded its operations to China and listed on the New York Stock Exchange in 2023. Its product suite consists of convenient, ready-to-cook, and ready-to-heat Asian food products and has a strong online presence.
In its latest financial report for 2024, the company saw an significant increase in its revenue by 33% on a year-over-year basis, reaching $37.4 million. This revenue growth was attributed to โthe strategic acquisition of U.S. brands and sustained resilience in our core China operations.โ
In addition, DDC Enterpriseโs gross profit margins rose by 28.4% from 25% in 2023. Meanwhile, shareholdersโ equity increased by 33% to $11.3 million, with cash, cash equivalents, and short-term investments estimated at $23.6 million as of March 31.
Most recently, the company announced a collaboration with a Chinese joint venture firm, which is projected to generate $3 million in annual net profit each year for a five-year period.
