From noodles to nodes: DayDayCook, an Asian food brand, to raise $528 million for bitcoin binge

DDC Enterprise Ltd. (ticker: DDC), also known as DayDayCook, said Tuesday it has secured three funding agreements worth up to $528 million to expand what it aims to become “the world’s most valuable bitcoin treasury.”

The China- and U.S.-based consumer brand and e-commerce company, previously focused on Asian food products and advertising services, recently adopted bitcoin as a strategic reserve asset. The new funding will help accelerate that shift.

DDC will raise $26 million through a private investment in public equity, or PIPE, from crypto-focused investors including Animoca Brands, Kenetic Capital, and QCP Capital. It also announced a $300 million convertible secured note agreement and a $2 million share placement with Anson Funds, along with a $200 million equity line of credit that can be drawn down based on market conditions.

Anson has committed to buy the first $25 million of the convertible notes, with an additional $275 million available later. Founder and Chairwoman Norma Chu said all proceeds will be used to buy bitcoin for the balance sheet. “Our vision is unequivocal: we are building the world’s most valuable bitcoin treasury,” she said in a statement .

DCC rolled out its bitcoin strategy last month, targeting 500 bitcoins within six months and 5,000 by 2028. It disclosed an initial purchase of 100 bitcoins on May 15.

Public companies are increasingly using stock sales and private placements to add bitcoin to their treasuries, following a playbook popularized by Michael Saylor’s bitcoin-centric firm, Strategy.

In a separate move Tuesday, Fold Holdings — developer of the Fold Bitcoin wallet and app — said it agreed to sell up to $250 million in new shares to finance additional bitcoin purchases .