‘Clear runway' to 5,000 BTC: Benchmark initiates Asian food platform DDC, sees 70% upside

Benchmark initiated coverage of DDC Enterprise (NASDAQ: DDC) with a Buy rating and $3 price target, arguing the Asian food platform has a “clear runway” to grow its bitcoin treasury from 2,383 BTC (as of Apr 21) to 5,000 BTC by end-2026. Benchmark highlights DDC’s steadier operational base — $39.2M revenue in FY2025 and first positive adjusted EBITDA — plus an AI-driven operating system for managing BTC accumulation. The broker sees a valuation gap (mNAV ~0.45; NAV/share $3.61 vs. $1.65 market price) implying ~70% upside to the target, which could spur investor interest in DDC equity and incremental BTC demand as the company scales holdings.