DDC Takes $38M Hit from Bitcoin Holdings Amid Robust Food Business Growth

DDC Enterprise Ltd (DDC) has taken a $38 million hit from its Bitcoin holdings in the first half of 2026, according to its unaudited financial results. The company's core Asian food business delivered robust top-line expansion during this period, with total revenue reaching $20.2 million and growing approximately 29% year-over-year.

The gross profit for the first half of 2026 was $6.1 million, representing a 17.5% increase compared to $5.2 million in the same period of 2025. However, the company's gross margin experienced a modest decline from 33.4% in 1H2025 to 30.4% in 1H2026 due to its strategic expansion into higher volume sales channels.

The $38.4 million net loss for the first half of 2026 was largely driven by non-cash mark-to-market unrealized fair value losses on its Bitcoin treasury holdings of $34.3 million. Despite this, the company's core food business delivered positive Non-GAAP Adjusted EBITDA of $1.2 million for 1H2026.