GD Culture holds 7,500 BTC and lost more than $200 million and maintained operations by diluting its shares 18 times

According to CryptoSlate, according to CryptoSlate, the NASDAQ listed company GD Culture Group revealed in its financial report for the first half of 2026 that the fair value of the 7500 BTC holdings (original cost of US$842 million) fell to US$451.2 million as of June 30, generating US$211.8 million in non-cash unrealized losses, accounting for 97.9% of the company's net loss of US$2162 million in the first half of the year.

Notably, the company did not sell its core BTC reserves, but maintained liquidity through large-scale equity financing — after a 1:250 reverse split adjustment, the number of tradable shares surged 18 times from 229,000 shares at the beginning of the year to 4.162,500 shares, an increase of 18 times, of which 99.65% was additional cash. The company raised a total of approximately US$47.5 million through ATM placement and targeted increases, with a working capital of US$36.6 million as of June 30. Management said the current liquidity is sufficient to cover operating obligations for at least the next 12 months.