DDC Enterprise (DDC), a multi-brand Asian consumer food company, announced a $124 million equity financing round backed by PAG Pegasus Fund and Mulana Investment Management.
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The shares were issued at $10.00 each, representing a 16% premium to DDC’s October 7 closing price. Founder, Chairwoman, and CEO Norma Chu joined the round with a personal $3 million investment, reinforcing her confidence in the company’s long-term strategy. Chu also increased her stake earlier this year, continuing a track record of founder-led conviction.
Nearly all investors’ capital, including Chu’s, has agreed to a 180-day lock-up, a sign of confidence in DDC’s direction and growth outlook, and a reflection of participation from long-term partners rather than short-term traders.
“Their investment is a strong endorsement of our vision and the growing importance of public Bitcoin treasuries,” said Chu. “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.”
DDC Strengthens Bitcoin Treasury Strategy
The company said the newly raised funds will accelerate its Bitcoin treasury plan, aimed at establishing DDC as a key institutional player in the global Bitcoin ecosystem.
DDC already holds 1,058 BTC and is targeting 10,000 BTC by the end of 2025, a goal that would position it among the top 15 Bitcoin treasuries globally, according to the current rankings from BitcoinTreasuries.net.
“This financing marks an important step in a broader set of planned initiatives designed to support our long-term strategy,” Chu added.
Institutional Validation from Both TradFi and Crypto
The round brought together investors that bridge traditional finance and digital assets from Asia. PAG Pegasus Fund, part of a leading Asia-based multi-strategy investment firm PAG with over US $55B AUM, and Mulana Investment Management, a Hong Kong-based digital asset and fintech investment fund, both represent the growing convergence between institutional capital and Bitcoin-focused treasuries. Their participation underscores DDC’s credibility and access to both worlds. This is a key differentiator for the company, which is listed in the U.S. but rooted in Asia.
Jack Li, Partner and Founder of PAG Pegasus Fund, said his firm sees major potential in DDC’s approach to integrating Bitcoin into a traditional business framework.
“DDC’s leadership has consistently shown a deep understanding of market needs and a strong ability to execute,” Li said. “Our decision to invest reflects our anticipation for what DDC could accomplish as it accelerates and evolves.”
Gillian Wu, Founder and CEO of Mulana Investment Management, said DDC stands out for its disciplined execution and institutional rigor.
“DDC sets a new standard in the Bitcoin treasury space by combining rigorous discipline with rapid execution in an environment often marked by speculation,” Wu said. “They have thoughtfully developed an institutional-grade blueprint for integrating Bitcoin treasury management into a public company framework.”
Raising Above 1x mNAV and Delivering Consistent Progress
The financing was completed above 1x mNAV, meaning each new share will increase value to the company’s Bitcoin holdings on a per-share basis. In effect, the structure is accretive, not dilutive, to BTC per share, reflecting DDC’s disciplined approach to capital management.
Since launching its Bitcoin treasury strategy earlier this year, DDC has accumulated more than 1,000 BTC within its first 100 days. The company reports a 255% yield since Q3, demonstrating measurable progress and operational consistency amid compression in the Digital Asset Treasury (DAT) sector since August.
DDC Positions for Global Growth
With this latest funding, DDC says it is well positioned to expand its treasury operations and strengthen its standing as a global leader in corporate Bitcoin adoption.
The company continues to generate strong cash flow from its core consumer business as a global Asian food platform, enabling it to pursue Bitcoin accumulation without compromising operational stability.
What to Look Out for Next
In the months ahead, DDC plans to use the new capital for Bitcoin purchases that will continue to increase its Bitcoin treasury holdings.
The company says these efforts will help it build a stronger bridge between traditional finance and Bitcoin, while maintaining transparency and steady accumulation toward its next milestone.
For investors, upcoming quarters will show how effectively DDC can convert this funding round into measurable growth towards its Bitcoin holdings.