DDC Enterprise (DDC), known for its Asian food brands, named Kyu Ho as chief of staff to strengthen its management team as it expands into bitcoin
BTC$118,738.05 treasury management.
The appointment follows a week after the Hong Kong-based company signed an agreement to develop investment strategies for $100 million worth of BTC on behalf of Web3 investment giant Animoca Brands.
Ho, with 20 years of investing experience, was most recently managing partner of early-stage crypto investment firm Initial Ventures.
DCC, whose shares trade on the New York Stock Exchange, embarked on its plans build a bitcoin treasury earlier this year and has since acquired 368 BTC ($43.7 million). The shares have climbed as much as 350% since then, and currently are priced at $15.83, just over 12% lower on the day.
Publicly-traded companies from a range of industries have been adopting crypto reserve strategies in recent months, inspired by the likes of Strategy (MSTR) and Metaplanet (3350), which have both seen their share prices skyrocket as investors regard them as a proxy bet on bitcoin. They've been joined by corporations branching into treasuries based on ether (ETH) and other altcoins.
