Animoca to provide up to $100 million in BTC to Asian food giant DDC to boost bitcoin treasury

Asian food giant DDC Enterprise (NYSE: DDC) has partnered with Hong Kong-based web3 game developer and venture firm Animoca Brands to help grow out DDC's recently launched bitcoin treasury. 

Through signing a non-binding memorandum of understanding, Animoca will provide DDC Enterprise with up to $100 million in BTC to support the growth of DDC's yield enhancement strategies, according to a Friday release . Animoca Co-Founder and Executive Chairman Yat Siu will also join DDC's Bitcoin Visionary Council to offer input on the Asian food giant's bitcoin treasury strategy. 

"This partnership with Animoca Brands marks a transformative step for DDC and reflects our shared vision to accelerate Bitcoin’s role as a pristine monetary asset,” said DDC Enterprise Founder, CEO, and Chairwoman Norma Chu in a statement. "The addition of Yat Siu to our newly formed Bitcoin Visionary Council brings exceptional industry experience and network value that will strengthen our strategic direction and help guide our treasury and Bitcoin ecosystem initiatives."

DDC Enterprise previously secured capital commitments of up to $528 million to put towards expanding its bitcoin treasury. The firm held 368 BTC as of July 7, which is valued at $43.3 million at current prices and represents a 48.3% BTC yield increase compared to the firm's mid-June purchase , according to a company release.

"Our partnership with DDC enables Animoca Brands to enhance the value of our blockchain technologies and maximize the value of our Bitcoin holdings," said Yat Siu. "Through this partnership, we will focus on developing strategies to enhance Bitcoin’s value proposition, leveraging DDC’s commitment to advancing corporate Bitcoin treasury solutions."

Bitcoin traded at $117,600 as of publication, having briefly touched an all-time high price point of $119,000 earlier today. The world's most valuable cryptocurrency by market capitalization generated $82 billion in trading volume within the past 24 hours, according to The Block's BTC Price Page . 

DDC Enterprise is best known for the DayDayCook food brand, which offers culinary content and branded food products. The company operates offices in New York, Hong Kong, and Shanghai. Shares of DDC were up about 12.4% on the day, trading at $12.10 per share time of publication.