Last summer, I discovered this Asian food company, DayDayCook, that started from a Chinese recipe website and was now NYSE-listed and pivoting to being a Bitcoin treasury company (#1052926)
Coming during a summer of absolutely ridiculous chasing of returns where everyone seemed to suddenly be a "bitcoin treasury company," I was somewhat chagrined in my commentary.
Then in October of last year, I saw an article that said this same Asian food company had more than 1000 bitcoins and I had to admit that I was impressed (#1267886).
Wanna guess how much bitcoin they say they have now?
"Asian Food Company DDC Now Holds 2,804 BTC After Adding 90 More Bitcoin""Asian Food Company DDC Now Holds 2,804 BTC After Adding 90 More Bitcoin"
I saw this article today, referencing this tweet from DayDayCook:
You can read the official press release as well, if you like.
When I posted about this last fall, the consensus in the comments was that these guys were association scamming. There's no reason to think that anything has changed.
They have this treasury tracker thing: https://treasury.ddc.xyz/
They say they keep their btc in a designated address.
- "After the transfer, all DDC BTC will be kept in a designated cold wallet."
- "The Bitcoin wallet adopts a 6/4 multi-signature mechanism, meaning out of the six people holding the passwords, any four people providing passwords together can execute transfer to the BTC."
It occurred to me that if I could actually find an onchain address for them, it would be kind of cool. I emailed them several times to see if they could provide any information about this, but unfortunately they did not respond. I also tried getting a hold of their PR people on X (via several different X accounts) , but to no avail.
My next steps will be to figure out if, given the above details about their address, I can track down an address that plausibly belongs to this recipe company. Suggestions for further research are welcome.
~Stacker_Stocks
Fiat chart looks ugly
But this is common with bitcoin treasury companies. The market is pricing them as risky bets likely to go bankrupt
How does their mNAV compare to Strategy's?
In the dumpster! I guess it depends on what mnav calculation you are doing but their website was .25 - .3 last time I checked.
Sounds like they might be a better buy than MSTR
If you're tired of worrying about getting rugged by Saylor, worrying about someone else rugging you may be better, yes.
Yeah its a pretty tough decision for me personally. On one hand the discount to NAV offers great upside, on the other hand, they trade down there for a reason. Typicaly the main business is dragging the company down. It's hard to predict the future and we have had it go both ways, positive example being Strive, negative being Semler.
Given that they are a publicly traded US security, they should be audited to make sure they have the assets they say they have, so I doubt they are lying about their btc holdings. Not sure how I feel about 4/6 multisig self custody over the large exchange institutional custody. That being said, I've skimmed over their financial fillings a few times and things are a little rough, getting better, but still rough. NFA I can't be trusted to skim 10Ks lol.
spoiler warning
there is no address
https://twiiit.com/ddcbtc_/status/2062158087965057532