GD Culture reports a $211.8M unrealized loss on BTC and issues 18x more shares to maintain liquidity.

According to CryptoSlate, GD Culture Group, a Nasdaq-listed company, disclosed in its first-half 2026 financial report that the fair value of its 7,500 BTC holdings—originally acquired for $842 million—declined to $451.2 million as of June 30, resulting in a $211.8 million non-cash unrealized loss, accounting for 97.9% of the company’s first-half net loss of $216.2 million. Notably, the company did not sell its core BTC reserves but maintained liquidity through large-scale equity financing. After a 1:250 reverse stock split, the number of outstanding shares surged from 229,000 at the beginning of the year to 4,162,500—an 18-fold increase—of which 99.65% were cash issuances. The company raised approximately $47.5 million through ATM offerings and private placements, with $36.6 million in cash and cash equivalents on hand as of June 30. Management stated that current liquidity is sufficient to cover operational obligations for at least the next 12 months.