Food company DDC purchases 21 Bitcoin, but stock price experiences downward movement──Aiming for 500 BTC in six months and 5000 BTC in three years | CoinDesk JAPAN

• Chinese food company DDC Enterprise purchased 21 Bitcoin as part of a long-term reserve strategy.
• Aim to hold 500 BTC within the next 6 months and 5000 BTC within 3 years.
• The company’s Bitcoin financial strategy has often led to an increase in stock prices, but the company’s stock price has fallen by more than 12%.

Chinese food company DDC Enterprise (DDC Enterprise, listed on NYSE American) announced the purchase of 21 Bitcoin (BTC). The company had announced plans to purchase Bitcoin as a long-term corporate reserve.

The company, led by founder and CEO Norma Chu, issued 254,333 shares of common stock to a group of investors and acquired Bitcoin. According to the press release, the transaction amount is approximately $2.28 million (about 326 million yen, based on an exchange rate of 143 yen per dollar).

DC plans to purchase an additional 79 BTC in the coming days, bringing the total holding to 100 BTC.

In the shareholder letter issued last week, CEO Chu revealed plans to acquire up to 500 BTC within the next six months, aiming to hold 5000 BTC within three years.

Companies that incorporate Bitcoin into their reserves often receive favorable responses, such as stock price increases. However, the stock price of DDC showed the opposite movement. On the 23rd, the company’s stock price dropped more than 12%, while the S&P 500 fell by 0.6% and the Nasdaq by 1%.

At the beginning of this month, Nasdaq-listed fintech company DigiAsia announced a plan to purchase Bitcoin worth 100 million dollars. The stock price rose by over 90% on that day alone.

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