DDC Enterprise is buying back its own stock after the market effectively priced the company at 30 cents on the dollar relative to its Bitcoin holdings. The board approved a share repurchase program worth up to $10M or 20% of outstanding Class A shares on June 9, signaling that management thinks Wall Street is dramatically undervaluing what’s sitting on the balance sheet.
Here’s the math that makes this interesting: DDC holds 2,899 BTC valued at roughly $170M as of June 17. The company’s market cap? Approximately $44M. That gives it a market net asset value multiple of about 0.3x, meaning investors can theoretically buy $1 worth of Bitcoin for about 30 cents by purchasing DDC shares.
A food company with a Bitcoin problem (or opportunity)
DDC Enterprise started life as an operator of Asian food brands. That business still exists, but the company has pivoted hard into the Bitcoin treasury strategy that MicroStrategy popularized years ago.
Its shares have been trading between $0.90 and $0.93 in late June and early July 2026, a range that implies the market is either skeptical of the company’s ability to hold and manage its crypto position, or simply hasn’t caught up to the balance sheet reality.
