In a market where most public companies still hesitate to touch Bitcoin, DDC Enterprise Limited is doing the opposite: accelerating its bitcoin purchases.
The consumer brand and e-commerce company announced today a $124 million equity financing round, led by PAG Pegasus Fund and Mulana Investment Management, with participation from OKG Financial Services.
Founder and CEO Norma Chu also joined the round personally, investing $3 million of her own capital.
The financing, priced at $10 per Class A share — a 16% premium to the company’s recent close — marks another step in DDC’s transformation from a retail operator into one of the most aggressive public Bitcoin accumulators in the world.
All participating investors, including Chu herself, agreed to a 180-day lock-up, signaling a long-term commitment to the firm’s treasury strategy.
“Their investment is a strong endorsement of our vision and the growing importance of public Bitcoin treasuries,” Chu said. “This 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.”
Bitcoin as a corporate safe haven
That strategy has evolved rapidly. When DDC first unveiled its Bitcoin reserve initiative in May 2025, the company aimed to accumulate 5,000 BTC within three years.
Since then, it has expanded that goal to 10,000 BTC by the end of 2025 — an ambitious target that would position DDC among the largest corporate holders of Bitcoin globally, alongside firms like CleanSpark and Hut 8.
At last count, DDC holds 1,058 BTC, acquired through a mix of direct purchases and financing deals. Earlier this year, the company closed a $528 million capital raise led by Anson Funds, Animoca Brands, and Kenetic Capital — one of the largest Bitcoin-focused financings ever completed by a New York–listed firm.
For investors like PAG’s Jack Li, DDC represents a new frontier for institutional-grade Bitcoin exposure.
“As DDC embarks on its next stage of growth, we recognize the potential for their platform to expand well beyond their core business,” Li said.
Mulana CEO Gillian Wu echoed that sentiment, calling DDC’s approach “an institutional blueprint for integrating Bitcoin treasury management into a public company framework.”
