DDC Enterprise’s Bitcoin Holdings Jumped 145% Even as a Valuation Loss Widened Its Net Loss

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• DDC Enterprise held approximately 2,899 bitcoin as of the filing date, up 145% from 1,181 bitcoin at the end of 2025
• The company recorded an unrealized loss on digital assets of RMB232.5 million, about $34.3 million, for the six months ended June 30, 2026
• Net loss for the six-month period came to RMB260.6 million, about $38.4 million, compared with net income of RMB37.1 million in the same period a year earlier

DDC Enterprise, a Nasdaq-listed company that pairs a food business with a bitcoin treasury strategy, filed an amended report with the SEC restating its results for the six months ended June 30, 2026, adding further liquidity and cash-flow disclosure to its original filing. The amendment, filed October 28, 2026, shows the company’s bitcoin holdings climbing sharply even as the valuation swing on those same holdings weighed on its bottom line.

As of the date of the report, DDC held approximately 2,899 bitcoin, up 145% from the 1,181 bitcoin it held at the end of 2025. On the balance sheet, those digital assets were carried at RMB1,098,494,475, equivalent to roughly $161.9 million, as of June 30, 2026. Building that position at pace is the core of the company’s publicly stated treasury strategy, even as bitcoin’s price moved against it during parts of the period covered.

That price movement showed up directly in the company’s results. DDC recorded an unrealized loss on digital assets of RMB232.5 million, about $34.3 million, for the six-month period, a non-cash accounting charge that reflects bitcoin’s valuation changes rather than any sale of the underlying holdings. That loss was the single largest factor behind the company’s swing to a net loss of RMB260.6 million, roughly $38.4 million, compared with net income of RMB37.1 million in the same six months of 2025.

Outside of its treasury strategy, DDC’s underlying food business posted total revenue of RMB136.7 million, about $20.2 million, for the half, with adjusted EBITDA from that segment of RMB8.1 million, around $1.2 million. Those figures suggest the operating business itself remained in reasonably steady shape even as the digital-asset side of the balance sheet introduced significant volatility into the company’s headline profit and loss figures.

The pattern illustrated by DDC’s filing, a shrinking or swinging operating result overshadowed by large non-cash bitcoin valuation swings, has become increasingly common among publicly traded companies that have adopted bitcoin treasury strategies over the past two years. The amended filing is available on SEC EDGAR.