GD Culture acquired 876 million USD Bitcoin, ranking among the top 15 Bitcoin holding companies globally.

Nasdaq-listed company GD Culture Group Limited (stock code: GDC) announced on September 17 that upon completion of its acquisition of Pallas Capital, the company will add 7,500 Bitcoins to its "long-term digital asset reserves." Based on the current Bitcoin price of approximately $115,000, this digital asset is valued at up to $876 million, which will make GDC one of the publicly traded companies with the largest Bitcoin holdings in the world.

GDC significantly enhances Bitcoin reserves through strategic acquisition

GD Culture Group signed the final share exchange agreement on September 16, acquiring 100% of the outstanding shares of Pallas Capital, a British Virgin Islands registered company, in exchange for the issuance of over 39 million new GDC common shares. This strategic acquisition not only expands the company's business scope but, more importantly, significantly enhances its digital asset reserves.

GDC CEO Xiao Jian Wang stated in a statement: "By completing this acquisition, we have significantly strengthened our balance sheet and have entered the ranks of the top 15 publicly traded companies with the largest Bitcoin reserves. Looking ahead, we will continue to assess opportunities to leverage blockchain and decentralized finance (DeFi) solutions to further enhance shareholder value."

join the ranks of the largest publicly listed companies by Bitcoin holdings globally

(Source: The Block)

According to data from BitcoinTreasuries, with just 7,500 Bitcoins held by Pallas, GDC will rank between 13th and 14th in the global Bitcoin holdings, on par with well-known cryptocurrency companies like Block and Galaxy. Currently, Block and Galaxy hold approximately 8,692 and 6,894 Bitcoins on their balance sheets, respectively.

It is worth noting that it is not clear how much Bitcoin GDC held before the acquisition of Pallas (if any), which means that the company's actual Bitcoin holdings could be higher.

GDC continues to deepen its cryptocurrency strategic layout

This is not the first time GD Culture Group has ventured into the cryptocurrency market. In May of this year, the company signed a stock purchase agreement with an investor located in the British Virgin Islands, aiming to raise approximately $300 million for the acquisition of Bitcoin and TRUMP memecoin.

GD Culture initially was a company focused on digital human technology and e-commerce, and later strategically launched a digital asset vault, demonstrating the company’s determination to transform into the blockchain and cryptocurrency space. This large-scale acquisition of Bitcoin further confirms the company's long-term optimistic attitude towards digital assets.

As more and more publicly listed companies incorporate Bitcoin into their balance sheets, this move by GDC reflects the growing confidence of institutional investors in Bitcoin as a long-term store of value. This trend may further drive institutional adoption of Bitcoin and provide more solid support for its price.

For investors, GDC's Bitcoin strategy not only provides an opportunity for indirect exposure to the Bitcoin market but also demonstrates the company's forward-looking vision in the digital asset space. With the completion of the acquisition, the market will closely watch how GDC leverages its enhanced digital asset reserves to create shareholder value.