Mainland China, one of the world’s most restrictive countries toward cryptocurrency, may be inching closer to adoption as a locally operating brand announced a Bitcoin reserve strategy.
DDC Enterprise, also known as DayDayCook, a US consumer brand with Hong Kong roots and operations in mainland China, is adopting a Bitcoin (BTC) reserve strategy, CEO Norma Chu announced in a shareholder letter on May 15.
As part of the strategy, DDC has acquired 100 BTC for about $10.4 million and plans to accumulate 5,000 BTC in the next 36 months, with 500 BTC targeted by the end of 2025.
Chu’s Bitcoin reserve announcement came after the firm posted a 33% revenue increase in 2024, with total revenue amounting to 273.3 million Chinese yuan ($37.4 million), according to its Form 20-F filing with the US Securities and Exchange Commission (SEC)