GD Culture's Bitcoin Blitz: $875M Haul Sparks 28% Stock Plunge

Nasdaq-listed GD Culture Group implemented a daring Bitcoin treasury plan on September 10, 2025, by issuing around 39.2 million shares in return for 100% ownership. Purchasing 7,500 BTC worth $875.4 million, Pallas Capital Holding Ltd., free of obstacles, this deal catapults GD Culture to the 14th largest publicly traded Bitcoin holder, slightly ahead of Galaxy Digital's 6,894 BTC holdings. CEO Xiaojian Wang cast the decision as a major first building of a varied crypto asset reserve, consistent with the company's digital asset aspirations first mentioned in Planned to raise $300 million for Bitcoin investments in May 2025, even the Trump memecoin in the midst of a Nasdaq equity warning.

The market reacted quickly and harshly: On Tuesday, GD Culture's shares fell 28% to $6.99, the largest single-day drop in over a year, thereby lowering Market cap to $117.4 million and a 97% reduction from the stock's 2021 high of $235.80. Investors objected to the significant dilution from the share issuance; the stock briefly flirted with its 52-week high of $9.91 before falling. Experts such VanEck's Matthew Sigel repeated these concerns, pointing out that issuing equity close to net asset value exposes investors to sour mood and transforms what may strategically develop into extractive dilution.

With more than 190 public companies presently owning more than 1 million BTC collectively—up from under 100 at year-start—this purchase emphasizes the exploding Bitcoin treasury trend in 2025. With 636,505 BTC (68% market share worth $112.8 billion), MicroStrategy rules supreme followed MARA Holdings' 52,477 BTC. Although GD Culture's entrance indicates rapid crypto adoption, the steep sell-off underlines investor doubts about dilutive techniques in a growing corporate Bitcoin environment.