Plan to buy 5000 BTC within three years! Hong Kong capital American company Daily Cook has already bought 100 BTC, accelerating the Bitcoin reserve plan.

The Hong Kong-funded American company DayDayCook, which focuses on online cooking tutorials, announced in a shareholder letter by founder Zhu Jiaying on May 15 that it has currently purchased 100 Bitcoins as the first step to promote its Bitcoin reserve strategy, and plans to gradually hold 5,000 Bitcoins within three years.

2024 revenue hits a new high, proactively laying out reserves for Bitcoin.

According to the annual report submitted by DDC to the SEC, DDC's total revenue for the entire year of 2024 is approximately 273 million RMB (, equivalent to about 37.4 million USD ), with a year-on-year growth rate of 33%.

The chart shows the balance sheet of 日日日煮 in SEC corporate filings.

The founder of DDC, Zhu Jiaying, stated in a shareholder letter on March 18 that they plan to adopt a Bitcoin reserve strategy to strengthen their financial structure and keep up with the trend of digital assets. Shortly after, Zhu Jiaying further tweeted on May 14:

"DDC has purchased 100 Bitcoins."

DDC has purchased 100 BTC, aiming to hold 5000 BTC within three years.

DDC founder Zhu Jiaying revealed the Bitcoin reserve plan in the latest shareholder letter:

Currently have bought 100 BTC.

Plan to reach 500 coins by 2025.

Within three years, it will also gradually accumulate to 5,000 coins.

The SEC document does not explicitly mention the purchase of Bitcoin, but leaves hints.

Although DDC has publicly announced its reserve plan, it did not directly mention holding Bitcoin or initiating a Bitcoin reserve in the annual report submitted to the SEC (. However, DDC also mentioned in the annual report that it is currently under significant financial pressure and is looking for ways to raise funds, including:

Fundraising

Issuance of Bonds

Postponing the repayment time of old debts

Diversified Income

Find ways to reduce expenses.

At the same time, it warned shareholders: "DDC is uncertain whether the financing will be successful, and if it fails to raise funds, it may affect operations."

The document also cites the new accounting standard ASU 2023-08 issued by the Financial Accounting Standards Board (FASB) at the end of 2023. ASU 2023-08 clearly states the accounting and disclosure methods for crypto assets. In other words, DDC is likely already prepared to account for crypto assets.

Has China's stance on cryptocurrency changed? The DDC strategy cannot represent China.

Although China has imposed a ban on cryptocurrency trading and mining since 2021, Hong Kong is actively embracing the blockchain industry, and the Trump administration has expressed support for crypto assets. There is speculation about whether China will relax its domestic cryptocurrency-related policies in the future.

However, some experts remind that DDC's introduction of a Bitcoin reserve strategy is part of its own operational strategy and does not represent China's position. Currently, it is still not permitted for enterprises within China to legally hold or trade cryptocurrencies, but it has also prompted external attention on whether Chinese-funded enterprises will further enter the cryptocurrency industry. In summary:

DDC has currently purchased 100 Bitcoins and is preparing to reach 5,000 coins within three years.

Revenue growth of 33% in 2024, more confident in the layout of Bitcoin reserves.

DDC did not explicitly mention Bitcoin in the SEC annual report, but it seems to have started scanning coins.

China's cryptocurrency ban has not been lifted, but companies in Hong Kong and mainland China have begun to test the waters.

This article plans to buy 5000 BTC within three years! Hong Kong capital and American merchants have already bought 100 BTC, accelerating the Bitcoin reserve plan, which first appeared in Chain News ABMedia.