DDC Enterprise lands $124 million in sprint to build 10,000 bitcoin war chest

NYSE-listed DDC Enterprise has secured $124 million in equity financing to accelerate its bitcoin accumulation strategy, the company said Tuesday.

The round was led by PAG Pegasus Fund and Mulana Investment Management, with additional backing from OKG Financial Services. Founder and CEO Norma Chu also contributed $3 million personally.

Shares were issued at $10 apiece — a 16% premium to DDC’s Oct. 7 closing price. The company said the funds will be used to expand its bitcoin treasury, targeting 10,000 BTC, worth over $1.2 billion in today's prices, by the end of 2025.

DDC currently holds 1,058 BTC, according to public disclosures, ranking it 47th among listed bitcoin treasuries. Achieving its stated goal would move the company just outside the global top 10. At today’s levels, DDC stock trades near $9, with a market-to-net-asset-value ratio of 0.63 relative to its bitcoin holdings, meaning its shares trade at a steep discount to the value of its underlying bitcoin.

Chu framed the financing as a strategic endorsement of DDC’s dual identity as both a meal platform and a digital asset treasury. “Their investment is a strong endorsement of our vision and the growing importance of public bitcoin treasuries,” she said in a statement.

The company, best known for its DayDayCook and Nona Lim brands, reported $37.4 million in 2024 revenue as it expanded further into U.S. markets.