Mainland China, known for its strict regulations, seems to be moving towards a more accepting stance as local brands reveal their Bitcoin Reserve Strategy.
DDC Enterprise, or DaydayCook, which operates in mainland China and has origins in Hong Kong, has announced a Bitcoin accumulation plan under CEO Norma Chu. In a shareholder letter dated May 15, the company disclosed that it has acquired 100 BTC for about $10.4 million and aims to acquire 5,000 BTC over the next three years, with a target of 500 BTC by the conclusion of 2025.
This Bitcoin initiative follows a significant revenue increase of 33% for DDC in 2024, bringing its total revenue to 273.3 million yuan ($37.4 million). According to the SEC filing from May 15, the substantial growth appears to position DDC favorably within the digital asset arena.
DDC’s Bitcoin Plan Not Reflected in SEC Documents
Interestingly, even with the announcement, DDC’s recent SEC filings do not clearly mention the Bitcoin holdings or the reserve strategy. “We are embarking on a pioneering initiative to position DDC at the forefront of digital asset innovation,” said Chu in her letter to shareholders.
Earlier, on March 18, Chu had also hinted at the company’s plans for adopting a Bitcoin Reserve strategy.
Although DDC’s annual report doesn’t highlight the Bitcoin Reserve Plan, the SEC filing suggests a shift toward accepting Bitcoin as a legitimate asset class.
“The company plans to implement cost-cutting measures to diversify revenue streams while acknowledging that access to additional financing may be limited if needed,” the report stated.
Moreover, the filing refers to new guidelines from the Financial Accounting Standards Committee (FASB) regarding accounting standards relevant to cryptocurrencies.
Shifting Views on Crypto in China
DDC operates partly in mainland China and Hong Kong, meaning its financial growth is subject to local political and economic shifts. As of May 2025, China has upheld strict measures against cryptocurrency trading and mining since a major ban occurred in 2021.
However, there are reports suggesting that China might reconsider these restrictions, especially as Hong Kong embraces cryptocurrency and in light of a global shift towards digital currencies under the US government’s more favorable stance during President Trump’s administration.
Still, analysts have expressed skepticism about China’s actual plans to “unban Bitcoin,” despite the country maintaining a significant role in global Bitcoin mining since the ban.
Cointelegraph reached out to DDC for their thoughts on the Bitcoin reserve initiative but had not received a reply by the time of this report.
