DDC Enterprise buys 21 Bitcoin, kicking off plan to scoop 5K BTC in 3 years

The Hong Kong-headquartered heat-and-eat repast seller DDC Enterprise has made its first-ever Bitcoin acquisition arsenic portion of a program to bargain 5,000 Bitcoin implicit the adjacent 3 years.

The New York-listed DDC Enterprise, besides known arsenic DayDayCook, said connected May 23 that it bought 21 Bitcoin (BTC) successful speech for 254,333 shares successful a woody valued astatine $2.28 million.

The institution added it plans connected buying different 79 BTC crossed 2 purchases successful “the coming days” to bring its full Bitcoin stack to 100 BTC.

The buys are portion of DDC’s program announced connected May 15 to acquire 5,000 BTC implicit the adjacent 3 years, with the extremity of buying 500 BTC earlier the extremity of 2025.

DDC’s planned 5,000 BTC stack, if it held that overmuch today, would onshore it conscionable extracurricular the apical 10 nationalist companies with the largest Bitcoin holdings, putting it conscionable down Japanese concern steadfast Metaplanet, which holds 7,800 BTC, according to data from Bitbo. 

DDC Enterprise (DDC) shares closed the May 23 trading league down by 14.5% but roseate 2.43% aft the doorbell to $3.79, according to Google Finance. DDC is down implicit 27% truthful acold this year.

Shares of DDC Enterprise fell much than 14% connected May 23, however, the banal recovered aft the bell. Source: Google Finance

China crypto adoption rises

China’s appetite for cryptocurrencies has been ticking upward successful the past fewer months, contempt the country’s years-long full prohibition connected crypto transactions.

Chinese electrical conveyance retailer Jiuzi Holdings said connected May 22 that its committee approved a program to purchase 1,000 BTC implicit the adjacent twelvemonth by issuing shares of its institution and by straight buying Bitcoin.

Related: Strategy's Michael Saylor hints astatine buying the Bitcoin dip

Earlier this month, a study indicated that high-net-worth investors crossed Asia are moving distant from US dollar-based investments to gold, cryptocurrencies, and Chinese-based assets.

Last week, Hong Kong’s Legislative Council passed the Stablecoin Bill, which establishes a wide regulatory model for stablecoin issuers, with institutions apt to beryllium capable to use for stablecoin issuance licenses by the year’s end.

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