At least four publicly-traded US firms announced on Tuesday that they would bulk up their crypto investments by a total of $844 million, adding to the number of corporations looking for a boost from Bitcoin and other cryptocurrencies.

The largest raise on Tuesday was from the Hong Kong-based heat-and-eat meal seller DDC Enterprise Ltd, which said that it entered into three purchase agreements totaling $528 million, all of which will be used to expand the firm’s Bitcoin (BTC) holdings.

The raise came almost entirely from a $300 million convertible note, a $200 million credit facility and a $26 million equity investment. Dallas-based investment firm Anson Funds was the largest investor, while the venture capital arm of Animoca Brands also made a large contribution.

DDC set out on a mission to have the “world’s most valuable Bitcoin treasury” and purchased its first batch of 21 Bitcoin on May 23 in exchange for nearly 255,000 shares in a $2.28 million deal.

DDC said it plans to buy 5,000 Bitcoin over the next three years — a target it could reach with the $528 million secured, based on current prices.

Bitcoin firm Fold raises $250 million for BTC buys

Fold Holdings Inc, the first publicly traded Bitcoin financial services firm, said on Tuesday that it  secured a $250 million equity purchase facility, with the net proceeds “primarily intended” to fund additional Bitcoin purchases.

The agreement allows Fold to issue and sell up to $250 million in newly issued shares to fund the Bitcoin buys at its discretion — subject to a registration statement for the resale of the shares receiving approval from the Securities and Exchange Commission.

If approved, the shares will be sold through a private placement under exemptions from SEC registration rules. In a private placement, firms raise funds by selling securities to private investors instead of through a public market offering.

At current prices, $250 million could theoretically purchase 2,390 Bitcoin for Fold. Allocating even half of that amount to Bitcoin acquisitions would substantially boost Fold’s current treasury of 1,490 Bitcoin.

BitMine caps $16 million Bitcoin buy after stock raise

Meanwhile, Bitcoin mining equipment rental firm BitMine Immersion Technologies said it purchased $16.3 million Bitcoin using proceeds from a recent stock offering. 

The firm now owns 154.16 Bitcoin, bought at an average purchase price of $106,033.

BitMine said the buy aligns with its new strategy to increase its Bitcoin holdings through a mix of self-mining and capital raises, reinforcing its commitment to accumulating as much Bitcoin as possible.

BitMine already used some funds from the June 6 offering to buy its first 100 Bitcoin on June 9.

HYPE added as a treasury asset

The Nasdaq-listed biotech firm Eyenovia also got in on the crypto buying action Tuesday, saying it inked a $50 million private placement to build a reserve for the Hyperliquid (HYPE) token, and billing itself as “the first U.S. publicly listed company building a long-term strategic treasury” for the asset.

Hyperliquid is a decentralized crypto derivatives exchange built on its own layer 1 blockchain. It is powered by the HYPE token, which is involved in staking, rewarding active traders with airdrops, and governance activities.

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Eyenovia said it would acquire over 1 million HYPE — worth $40.1 million at current prices — and stake the tokens on Anchorage Digital’s crypto platform.

The firm, which primarily develops digital eye exam tech, will also rebrand to “Hyperion DeFi” under the ticker HYPD.

Eyenovia also named Hyunsu Jung as chief investment officer and board member to spearhead the company’s crypto strategy.

“We view Hyperliquid as one of the fastest growing, highest-revenue generating blockchains in the world,” Jung said.

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