In a landscape where many public companies remain cautious about embracing Bitcoin, DDC Enterprise Limited is taking a different path: ramping up its Bitcoin acquisitions.
The consumer brand and e-commerce firm announced today a $124 million equity financing round, spearheaded by PAG Pegasus Fund and Mulana Investment Management, with support from OKG Financial Services.
Founder and CEO Norma Chu also participated in this round by investing $3 million from her personal funds.
The financing, set at $10 per Class A share—a 16% premium over the company’s recent close—marks another step in DDC’s evolution from a retail operator to one of the most proactive public Bitcoin accumulators globally.
All investors in this round, including Chu, agreed to a 180-day lock-up period, demonstrating their long-term commitment to the company’s treasury strategy.
“Their investment strongly endorses our vision and the rising significance of public Bitcoin treasuries,” said Chu. “This round provides not just capital, but also considerable strategic value and momentum as we position DDC as a global leader in the institutional Bitcoin arena.”
Bitcoin as a corporate safe haven
This strategy has rapidly evolved. When DDC first unveiled its Bitcoin reserve initiative in May 2025, the company set a goal of accumulating 5,000 BTC within three years.
Since then, it has revised that target to 10,000 BTC by the end of 2025—an ambitious objective that would position DDC among the largest corporate Bitcoin holders worldwide, alongside companies like CleanSpark and Hut 8.
As of the latest count, DDC possesses 1,058 BTC, obtained through a combination of direct purchases and financing arrangements. Earlier this year, the company completed a $528 million capital raise led by Anson Funds, Animoca Brands, and Kenetic Capital—one of the largest Bitcoin-focused financings ever conducted by a firm listed in New York.
For investors like PAG’s Jack Li, DDC represents a new frontier for institutional-grade Bitcoin exposure.
“As DDC enters its next growth phase, we see the potential for their platform to extend far beyond their core business,” Li remarked.
Mulana CEO Gillian Wu echoed this sentiment, describing DDC’s approach as “an institutional blueprint for integrating Bitcoin treasury management into a public company framework.”
