GD Culture BTC Holdings Drop 46% Value, $211.8M Loss

GD Culture reports $211.8M unrealized loss on 7,500 BTC holdings, representing 97.9% of H1 net loss. Company maintains liquidity via 18x equity dilution.

Woofun AI data shows that Nasdaq-listed GD Culture Group recorded a $211.8 million non-cash unrealized loss on its 7,500 BTC holdings in the first half of 2026. The fair value of these assets declined to $451.2 million from an original cost of $842 million, accounting for 97.9% of the company's total net loss of $216.2 million for the period.

The company preserved liquidity through significant equity financing rather than selling BTC reserves. Following a 1:250 reverse stock split, the float expanded 18 times from 229,000 to 4.1625 million shares, with 99.65% of the increase derived from cash secondary offerings. ATM allocations and private placements raised approximately $47.5 million, resulting in $36.6 million in book working capital as of June 30, which management stated is sufficient for at least the next 12 months.