DDC Enterprise, the company behind Asia-based brands DaydayCook, Nona Lim and Yai’s Thai, trades on the New York Stock Exchange (NYSE) under the ticker symbol “DDC”, has raised capital commitments of up to $528 million with the goal of growing the revival of institutional Bitcoin (BTC).
The funds will be provided via $26 million private equity investment (PIPE) with “leading” digital asset investors, $25 million conversion issuance, $2 million private property and a $200 million share credit line with Anson Fund, the company said Tuesday. DDC also retains the option to raise additional capital up to $275 million through the convertible note.
The DDC plans to purchase Bitcoin with these funds and said the transaction will be carried out under the supervision of New York-based Investment Bank Maxim Group LLC.
Normathieu, the company’s founder, chairman and CEO, issued the following statement regarding the development:
“This maximum capital commitment is $528 million. We have an unparalleled ability to build one of the world’s most valuable Bitcoin Treasury ministries, including Kennetic Capital, where major institutions such as AnsonFunds, Animoca Brands and Kennetic Capital support our vision, and carry out our mission to become one of Bitcoin’s largest holdings.”
DDC first announced its Bitcoin Reserve Strategy in May. It sold 254,333 Class A shares to buy 21 BTC worth around $2.3 million. In mid-June, the company announced its $528 million funding target to expand its strategy.
*This is not investment advice.
