DayDayCook Targets 5,000 BTC Reserve Despite China’s Crypto Ban

DayDayCook to Acquire 5,000 BTC Within 36 Months Hong Kong lifestyle and food brand DayDayCook (DDC) is making a grand foray into Bitcoin, though the company conducts business in mainland China where cryptocurrency is still subject to close disapproval. DDC CEO Norma Chu detailed the firm’s Bitcoin reserve policy in a shareholder letter on May 15 in the form of a plan to accumulate a reserve of 5,000 BTC over the course of the next 36 months. The firm has already purchased 100 BTC for about $10.4 million as a beginning, with the short-term aim of 500 BTC by the end of 2025. Good Financials Fund BTC Ambitions DDC’s Bitcoin venture follows a successful fiscal year. During 2024, the firm recorded revenue expanding 33%, to 273.3 million Chinese yuan (approximately $37.4 million), according to its Form 20-F report filed with the U.S. Securities and Exchange Commission (SEC). Though the Bitcoin reserve plan is absent from the SEC report, Chu’s shareholder letter mentions DDC’s desire to lead “digital asset innovation.” SEC Filing Suggests Crypto Preparedness While the SEC filing itself does not explicitly characterize the Bitcoin buy, it does mention the DDC’s search for new funding strategies and crypto disclosure guidelines under FASB’s ASU 2023-08 accounting update . The report also identifies crypto as a new asset class that the company can potentially probe. DDC’s search for cost-reducing diversified revenues is the parameter defined in the filing, where Bitcoin can be a component of this as a hedge or strategic investment. Crypto Moves Despite Mainland Restrictions While it is Hong Kong-based, DDC also has a presence in mainland China, where cryptocurrency trading and cryptocurrency mining were outlawed in 2021. All the same, the move could be a sign of second thoughts by business in the region. Speculation continues about whether China will loosen its hardline policy as Hong Kong continues to develop its crypto-friendly policy and U.S. policy under President Trump leans in the direction of crypto. However, analysts are cautious about any sudden about-face by China’s hardline policy. Unanswered Questions Remain Cointelegraph contacted DayDayCook for further comment and didn’t get a response at press time. As regulatory and corporate demand for crypto shifts in Asia, DDC’s bold move could be the first of its kind and be a sign of things to come for Bitcoin adoption in restricted territories.

Source: BTC Pulse