DDC Enterprise has raised $124 million at a share price representing a 16% premium, a pricing signal that demonstrates strong investor confidence in its unique model and the long-term value of its Bitcoin treasury strategy.
Summary
- DDC Enterprise raised $124 million at a 16% premium, signaling strong investor confidence in its Bitcoin treasury model.
- The round, backed by PAG Pegasus and Mulana, supports DDC’s goal to grow holdings to 10,000 BTC by 2025.
- DDC’s expansion comes amid growing debate over Bitcoin treasury accounting standards, including NYDIG’s critique of the “mNAV” metric.
According to a press release dated Oct. 8, the publicly-listed company secured the equity financing round from a consortium including heavyweights PAG Pegasus Fund and Mulana Investment Management to advance its Bitcoin (BTC) treasury strategy.
“This financing round contributes not only capital, but also substantial strategic value and momentum as we advance DDC’s position as a global leader in the institutional Bitcoin space. It marks an important step in a broader set of planned financing designed to support our long-term strategy,” the statement read.
Notably, the $10-per-share issuance price landed at a 16% premium to its Oct. 7 closing price, bucking the typical trend of fundraising discounts. Founder and CEO Norma Chu further cemented the show of faith with a personal investment of $3 million, while all participating capital is locked up for 180 days, DDC Enterprise said.
DDC’s Bitcoin ambition meets a crowded, shifting landscape
DDC currently holds 1,058 Bitcoin and is now armed to aggressively pursue its stated goal of amassing 10,000 BTC by the end of 2025. Achieving this would catapult the company into an elite tier of corporate Bitcoin holders, placing it in the same conversation as industry titans.
According to data from BitcoinTreasuries.net, Strategy leads the pack with 640,031 BTC, followed by Marathon Holdings at 52,850 BTC and Japan’s Metaplanet with 30,823 BTC. DDC’s current stack places it well below these giants, but its trajectory and financing approach suggest a measured strategy aimed at long-term positioning rather than short-term optics.
The company’s ambition to join the upper tier of Bitcoin treasuries also coincides with a wave of new entrants like Amsterdam-based Amdax, which recently raised $35 million to launch a European Bitcoin treasury targeting 1% of total supply, or roughly 210,000 BTC.
However, as this new asset class matures, it is attracting increased scrutiny. Regulators and established industry players are beginning to question its accounting practices. Notably, NYDIG has recently called for Bitcoin treasury companies to abandon the “mNAV” metric, labeling it misleading.
The financial firm argues that mNAV fails to accurately account for a company’s operating business and relies on assumed shares outstanding, potentially presenting a distorted view of value to investors.
