U.S China Bitcoin Reserve!!!
It first bought 100 BTC for $10.3 million. In a statement, the e-commerce company working between China and the United States said it plans to use a Bitcoin strategy as part of its goals for 2025. The company's Founder and CEO, Norma Chu, said Day Day Cook is one of the first in its field to use BTC as a reserve asset.
“We are starting a new project to make DDC a leader in digital asset innovation by focusing on acquiring Bitcoin,” said Chu in her letter to shareholders.
After the first purchase of 100 BTC, Chu mentioned that the company aims to gain more Bitcoin in both the short and long term. In the first six months, the company plans to buy about 500 BTC, which is around 51 million. Over the next 36 months, it hopes to have 5,000 BTC.
Currently, Bitcoin has increased by 1.5% in the last 24 hours. BTC is trading at 103,557. Recently, BTC has been rising due to trade deals between the U.S. and China, going above 105,000 just last week. The biggest cryptocurrency by market value has risen 23.6% in the last month.
DayDayCook, a food company from Hong Kong, expanded to China and went public on the New York Stock Exchange in 2023. It offers easy-to-cook Asian food products and has a strong online presence.
In its latest financial report for 2024, the company showed a 33% increase in revenue from last year, reaching $37 million. This growth came from acquiring U.S. brands and strong performance in China. Additionally, DDC Enterprise’s gross profit margins grew by 28%. Shareholders’ equity rose by 33% to $11.3 million, with cash and similar assets estimated at 23.6 million as of March 31.
Recently, the company announced a partnership with a Chinese joint venture firm, expected to bring in 3 million in annual profit for five years.
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