Beyond Strategy’s Bitcoin: Asia’s Hybrid DATs Blend Food, Finance and Crypto

Founded by Hong Kong-born, Seattle-raised former equity research analyst Norma Chu, the company adopted a Bitcoin treasury reserve in 2025 – a year of explosive growth as public companies piled into the benchmark token, which hit a record high of $126,198 on 6 Oct.

What are DATs?

In the DAT model, publicly traded companies buy and manage cryptocurrencies as a core part of their balance sheet. Some abandon their original product or service to become pure-play DATs that accumulate and optimize digital assets as their primary business. Others, like DDC, pursue a hybrid approach that maintains operating revenue from legacy businesses to fund crypto accumulation.

Chu published a "Bitcoin Manifesto" on 27 May 2025 announcing the initial purchase of 21 BTC and setting a target of 5,000 Bitcoin within 36 months.

DDC’s hybrid strategy

"The financial system is more fragile than most businesses are willing to acknowledge," Chu wrote, citing currency risk and inflation. "In this environment, holding only fiat isn’t just conservative – it’s potentially detrimental."

She highlighted the US dollar’s loss of over 85% of its purchasing power since 1971 and the renminbi’s more than 10% decline against the dollar in 2023. Bitcoin outperformed 99.9% of global stocks from 2011 to 2023, with Nvidia (NVDA) the sole exception among major names.

DDC made its first purchase on 23 May 2025 of 21 BTC valued at approximately $2.28mn through a share exchange. As of 21 Apr, the firm holds 2,383 BTC following its latest purchase of 200 coins on 19 Mar at an average cost basis of approximately $79,969 per Bitcoin. It reported a BTC yield of 1,493% since inception, though it booked a $5.5mn unrealized loss on digital assets amid 2025 volatility.

DDC’s food platform remains the largest online cooking channel in China, attracting millions of views per month. The company reported 2025 revenue of $39.2mn, up 4.6% year-on-year, with China revenue rising 9.8%. Its net loss widened to $48.3mn, largely due to non-cash items and treasury build-out costs.

"We continue to stack Bitcoin as we stay focused on growing the business organically," Chu told Sandmark. "Ten thousand Bitcoin is my north star."

Pure-play leaders, market cycles

Pure-play DATs such as Strategy (MSTR) and Japan’s Metaplanet have led the charge. As of 6 May, Strategy holds 818,334 BTC, according to bitcointreasuries.net, after spending $61.81bn, with ambitions for 1mn by the end of 2026. Metaplanet, often called Asia’s Strategy, ranks among the world’s top corporate holders with more than 40,000 coins and continues aggressive accumulation using debt and equity raises.

A "hype premium" – where investors paid above Bitcoin net asset value (mNAV) for DAT shares – fuelled the 2025 boom, with median mNAV reaching around 2.0x at peak. That premium has since compressed. Several companies sold holdings in early 2026, including Nashville-based Nakamoto Inc. (284 BTC) and Genius Group (entire 84 BTC treasury).

Asia’s regulatory landscape

Asia has seen fewer pure-play DATs than the US. Regulators in Hong Kong, Singapore and Australia have taken firm stances against companies pivoting entirely to Bitcoin holdings, citing investor protection. Japan stands out as more permissive, with tax reforms taxing corporate Bitcoin only on realized gains at a flat 20% rate. This has supported hybrids like DDC, Nexon and Remixpoint (which also holds Ether (ETH), Solana (SOL) and Avalanche (AVAX)).

"DATCos" exploded in popularity, from 4 to 142 between Jan 2020 and Oct 2025, with 76 formed in 2025 alone, according to a 5 Nov, 2025 report by CoinGecko. Other estimates put the peak number as over 300 in 2025, dropping to approximately 200 in early 2026 as some DATs suspended or abandoned their treasury model.  

Staying the course at DDC

A year into its programme, DDC ranks among the top 30 publicly traded corporate Bitcoin holders globally. It has hired treasury expertise, deployed an AI-driven intelligence platform, and refocused its food business on China.

On the 21 Apr earnings call, Chu expressed continued confidence in steady accumulation toward the year-end target while growing the core business. Hybrids like DDC may offer greater resilience than pure token vehicles, especially as analysts emphasize the need for sustainable operating revenue alongside crypto exposure.