DDC Enterprise, the company behind Asia-based brands DayDayCook, Nona Lim and Yai’s Thai, which trades on the New York Stock Exchange (NYSE) under the ticker symbol “DDC,” has raised up to $528 million in capital commitments with the goal of growing institutional Bitcoin (BTC) reserves.
The funding comes via a $26 million private equity investment (PIPE) with “leading” digital asset investors, a $25 million convertible note issuance, a $2 million private placement and a $200 million equity credit line with Anson Funds, the company said Tuesday. DDC also retains the option to raise up to $275 million in additional capital via convertible notes.
DDC stated that it plans to purchase Bitcoin with these funds, and that the transactions will be carried out under the supervision of New York-based investment bank Maxim Group LLC.
The company’s founder, chairman and CEO, Norma Chu, made the following statement regarding the development:
“This maximum capital commitment of $528 million is a milestone for DDC. With leading institutions like Anson Funds, Animoca Brands, and Kenetic Capital supporting our vision, we have an unparalleled ability to build one of the world’s most valuable institutional Bitcoin treasuries and execute on our mission to become one of the largest holders of Bitcoin globally.”
DDC first announced its Bitcoin reserve strategy in May, when it sold 254,333 Class A shares to buy 21 BTC worth approximately $2.3 million. In mid-June, the company announced a $528 million funding target to expand the strategy.
*This is not investment advice.
