Asia-based food firm DayDayCook (DDC) Enterprise has successfully concluded an initial round of financing, securing approximately $528 million from qualified institutional investors. Notably, the firm has embarked on this fundraising to accumulate funds for forthcoming bitcoin (BTC) acquisitions.
DDC Enterprise recently adopted a strategic bitcoin reserve and ranks among the world’s top 70 institutional bitcoin investors. Meanwhile, Metaplanet, Asia’s first corporate BTC investor, ranks fifth on the list.
DDC Enterprise’s $528M Fundraising
DDC Enterprise Limited’s financing involved three key stages. For starters, it secured a $26 million PIPE investment from influential bitcoin and crypto investors. This also involved converting outstanding debts to increase the funding. Second, it received $25 million via the first tranche of convertible notes offering from Anson Funds. This included an additional $275 million for future drawdowns. Lastly, it raised $2 million from private placements from Anson Funds and established a $200 million equity line of credit.
Commenting on what DDC Enterprise plans to accomplish with the fundraising proceeds, its Founder and CEO, Norma Chu, said:
“This maximum aggregate $528 million capital commitment marks a watershed moment for DDC. With premier institutions such as Anson Funds, Animoca Brands, and Kenetic Capital backing our vision, we believe we have unprecedented capacity to execute our mission of building one of the world’s most valuable corporate Bitcoin treasuries and becoming a top global Bitcoin holder.”
Remarkably, the funding round is one of the most significant raises by a NYSE-listed company, underscoring the growing interest in crypto among global investors. Meanwhile, DDC’s BTC acquisition strategy indirectly exposes its shareholders to the ever-evolving crypto ecosystem.
Asian Corporate BTC Holders on the Rise
Ever since Metaplanet joined the list of institutional bitcoin investors and recorded success, a few other firms have leaned towards adopting BTC as a reserve asset. While some have started periodically purchasing the apex cryptocurrency, others have introduced fundraising strategies to join the train, notwithstanding the crypto market’s volatility.
One such company is the Mumbai-based IT education company Jetking Infotrain. It has revealed plans to raise $825,000 to expand its Bitcoin holdings and invest in digital assets, making it one of the first Indian companies openly investing in cryptocurrency.
Moreover, Hong Kong didn’t delay in approving spot bitcoin exchange-traded funds last year, allowing investors to access the world’s leading cryptocurrency via local asset managers.
