DDC Enterprise, a company that started life selling ready-to-heat meals, now holds 2,899 BTC worth approximately $189.1 million. That’s enough to leapfrog The Smarter Web Company and claim the 28th spot among public companies with the largest Bitcoin treasuries.

The margin is thin, just 21 BTC separating the two firms.

The numbers behind the move

As of June 17, 2026, DDC holds 2,899 BTC at an average acquisition cost of roughly $78,204 per coin. The Smarter Web Company, now ranked 29th, sits at 2,878 BTC with a significantly higher average cost of approximately $108,537 per BTC.

That cost basis gap is striking. DDC has managed to accumulate more Bitcoin while spending considerably less per coin. At current valuations, DDC’s stash is worth about $189.1 million compared to Smarter Web’s $187.6 million.

DDC’s recent buying spree tells the story of a company that’s not content to wait. On May 27, the firm scooped up 131 BTC, bringing its total to 2,714. Then came 90 BTC on June 3, followed by another 95 BTC on June 17. Three purchases in three weeks, each one bringing DDC closer to, and eventually past, its UK-based rival.

The Smarter Web Company, listed on the London Stock Exchange under the ticker SWC, has taken a different path. Its accumulation strategy has been steadier, with smaller and more deliberate purchases over time.

From food platform to Bitcoin treasury

DDC Enterprise is listed on NYSE American under the ticker DDC, and its original business is an Asian food platform. The company has been in the business of providing ready-to-heat meals.

DDC initiated its Bitcoin strategy in 2025, raising significant amounts of equity capital specifically to fund Bitcoin purchases. The company sold shares to investors and used the proceeds to buy Bitcoin. DDC now positions Bitcoin as a central element of its corporate treasury model, enhancing per-share Bitcoin exposure for its investors.

The Smarter Web Company adopted its Bitcoin treasury policy earlier than DDC and has positioned itself as a leader in what it calls Bitcoin stewardship within the UK market.

What this means for investors

DDC’s average cost of $78,204 per BTC versus Smarter Web’s $108,537 means DDC has a much larger cushion if Bitcoin prices pull back. A 30% decline in Bitcoin’s price would hurt both companies, but DDC would still be sitting on gains while Smarter Web would be approaching breakeven territory.

DDC has been funding its Bitcoin purchases through equity raises. Every share sale dilutes existing shareholders. The bet only pays off if Bitcoin’s appreciation outpaces the dilution. If Bitcoin stalls or drops meaningfully, DDC shareholders absorb both the asset decline and the dilution.

A 21 BTC gap between the 28th and 29th largest corporate treasuries isn’t an insurmountable lead. DDC’s pace of acquisition — three buys totaling 316 BTC in less than a month — suggests the company isn’t planning to let that happen anytime soon.