DDC SETTLED $50.7 MILLION OF BITCOIN-BACKED LOANS WITH 601 COINS — THE SAME COUNT IT HAD PLEDGED — ITS RESULTS RELEASE CALLED IT A STRONGER BALANCE SHEET

At 21:01 UTC on October 28, 2026, DDC Enterprise, a NYSE American-listed food company in China that calls bitcoin its core reserve, refiled its first-half 2026 report with the notes it left out on October 23. One line sits under the bitcoin table: “The decrease in digital assets includes 601 bitcoins applied in settlement of RMB 345.4 million (US$ 50.7 million) secured borrowings.” That’s about $84,359 a coin.

The 601 isn’t a new number. DDC’s annual report, filed April 21, said that at December 31, 2025, “601 bitcoins held by the Company” served “as collateral for loans totaling RMB 356.5 million obtained from several third-party creditors.” Those coins were carried at RMB 371.6 million, so the loans came to 95.9% of their value. It was just over half of the 1,181 coins DDC held at year end. Neither filing names the lenders.

So who paid? The coins did. DDC’s September 2 results release said the company “substantially strengthened our balance sheet” and that net debt fell to $10.2 million at June 30 from $60.6 million at year end. That’s $50.4 million less. The release didn’t say the secured lenders were settled in bitcoin. The half-year cash flow statement shows no cash repayment of those loans and no bitcoin sold for cash, and its headline 145% growth in coins starts from the 1,181 that included the 601.

The coins that came in tell the other half. DDC added 2,341 bitcoin from January to June, and the cash flow statement shows RMB 1,877,656, or $276,732, spent buying bitcoin, with no money raised from investors. Its share count nearly doubled, to 45,627,607 from 23,281,620. DDC says it “mainly used the proceeds from equity to accumulate Bitcoin.” New holders got shares, and the lenders got 601 coins. Both 2026 reports put the stack at 2,899 as of their filing dates, the same as at June 30. At the time of this writing, bitcoin was $80,544.