GD Culture to liquidate 7,5000 bitcoin hoard for share repurchase as mNAV discount widens
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Shares of GD Culture Group (Nasdaq: GDC) jumped nearly 15% Wednesday after the company’s board approved the sale of its 7,500 bitcoin reserve, currently worth about $510 million, more than double the firm's $210 million market capitalization.
The board authorized the liquidation to fund a previously announced $100 million share repurchase program disclosed on Feb. 18, which is expected to be executed over the next six months.
The move underscores a striking valuation mismatch: GD Culture’s bitcoin holdings alone exceed the company’s entire equity value, even before accounting for its operating businesses. GD's market cap-to-net asset value ratio (mNAV) sits around 0.5, one of the worst among corporate bitcoin holders, according to The Block’s data.
Nevada-based GD Culture Group operates through subsidiaries AI Catalysis and Shanghai Xianzhui Technology Co., focusing on AI-driven digital human technology and live-streaming e-commerce.
With 7,500 BTC on its balance sheet, the company ranks among the 15 largest corporate treasuries.
In May 2025, GD Culture sold up to $300 million in shares to finance its crypto treasury strategy, which included purchases of bitcoin and the TRUMP memecoin. Later that year, the company said it would add 7,500 BTC to its long-term digital asset reserve following its acquisition of Pallas Capital.
For the nine months ended Sept. 30, GD Culture reported net income of $9.6 million, compared with a net loss of $14.1 million in 2024.
"Digital asset treasuries (DATs) are beginning to show signs of stress from the sharp sell-off in bitcoin, which is affecting their share prices," Coin Bureau co-founder Nic Puckrin told The Block earlier this week.
GDC shares were trading up about 10% to $3.70 at publication time.
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