GD Culture Group, a Nasdaq-listed company, reported an unrealized Bitcoin loss of $211.8 million in the first half of 2026, driven by declining BTC prices. The company holds 7,500 BTC acquired for $842 million through its September 2025 acquisition of Pallas Capital Holding, with a fair value of $451.2 million as of June 30. To maintain liquidity without selling its reserves, the company executed a 1-for-250 reverse split, increasing its share count from 229,278 to 4,162,500, representing an 18.15-fold dilution. It raised approximately $42 million through its at-the-market program and $5.45 million through a June placement, ending with $7.2 million in operating bank accounts and $36.6 million in working capital. Management stated that liquidity covers obligations for at least 12 months.
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