This Nasdaq-listed Bitcoin treasury diluted shareholders 18-fold to survive a $212 million crypto loss without selling its stash
GD Culture Group reported a $211.8 million first-half unrealized Bitcoin loss, which made up about 97.9% of its $216.2 million net loss. The company held 7,500 BTC with an original cost of $842 million and a June 30 fair value of $451.2 million. The loss was a noncash fair-value charge, not a sale of its core Bitcoin reserve. At the same time, the company’s split-adjusted share count rose from 229,278 at year-end to 4,162,500 at June 30, an 18.15-fold increase. Nearly all of that growth came from equity sales, including about $42 million net from an ATM offering and about $5.45 million gross from a June placement. GD Culture ended the period with $7.2 million in cash, $36.6 million in working capital, and said it had enough liquidity for at least 12 months.
