A Small Food Firm Buys 21 bitcoin, Jumping on BTC Treasury Trend, Shares Fall Anyways
The company, led by founder and CEO Norma Chu, exchanged 254,333 class A ordinary shares for BTC, in a transaction valued at roughly $2.28 million, according to a press release.
The move positions DDC among a growing cohort of public companies using BTC as a treasury asset. Two more purchases totaling 79 BTC are expected in the coming days, bringing the company's initial holdings to 100 BTC.
In a shareholder letter issued last week, Chu outlined plans to accumulate up to 500 BTC within six months and aim for 5,000 BTC in three years.
While companies adopting bitcoin as a strategic treasury asset often see major price rises, DDC saw the opposite. The company's shares dropped more than 12% on Friday's trading session, while the S&P 500 dropped 0.6% and the tech-heavy Nasdaq fell 1%.
DigiAsia (FAAS), for example, saw its share prices surge more than 90% in a single trading session after announcing a $100 million BTC treasury plan earlier this month.
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Generally, forward-looking information can be identified using forward-looking terminology such as "anticipate", "believe", "plan", "expect", "intend", "estimate", "forecast", "project", "budget", "schedule", "may", "will", "could", "might", "should", "indicate" or variations of such words or similar words or expressions. 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Although East Africa has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The Company does not update or revise forward looking information even if new information becomes available unless legislation requires the Company do so. Accordingly, readers should not place undue reliance on forward-looking information contained herein, except in accordance with applicable securities laws. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. To view the source version of this press release, please visit
