DayDayCook to raise up to $528 million for Bitcoin treasury expansion

Key Takeaways

Hong Kong-based meals group DDC Enterprise Limited goals to raise $528 million to broaden its Bitcoin holdings.
The funding consists of contributions from Anson Funds, Animoca Brands, Kenetic Capital, and QCP Capital.

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DDC Enterprise, also called DayDayCook, a publicly traded client model targeted on wellness-driven meal options, stated Tuesday it can safe up to $528 million in gross proceeds to broaden its Bitcoin holdings.

The capital shall be sourced by a mixture of fairness investments, convertible notes, and an fairness line of credit score.

The NYSE-listed firm’s funding bundle features a $26 million fairness PIPE funding from buyers reminiscent of Animoca Brands, Kenetic Capital, QCP Capital, Jack Liu, and Matthew Liu, the co-founder of Origin Protocol.

The second element is a $300 million convertible secured notice facility, mixed with a $2 million personal fairness placement, each led by institutional funding agency Anson Funds.

DDC Enterprise additionally secured a $200 million fairness line of credit score with Anson Funds for Bitcoin purchases. DDC plans to use considerably all proceeds from these financings to purchase Bitcoin.

“Today is a defining moment for DDC Enterprise and our shareholders. This capital commitment of up to $528 million, backed by respected institutions from both traditional finance and the digital asset frontier, represents a strong mandate to execute an ambitious corporate Bitcoin accumulation strategy globally,” stated Norma Chu, Founder, Chairwoman & CEO of DDC Enterprise.

The multi-brand Asian meals firm made its first Bitcoin buy late final month, buying 21 BTC. Since then, its Bitcoin treasury has grown to 138 BTC, at present valued at round $14 million primarily based on market costs.

Shares of DDC Enterprise have surged roughly 165% over the previous 30 days, in accordance to Yahoo Finance knowledge. However, the inventory stays down by about 95% from its preliminary buying and selling ranges following its New York debut.

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