GD Culture, this Nasdaq-listed outfit in livestreaming and e-commerce, just jumped into crypto big time. They grabbed 7,500 Bitcoin from Pallas Capital, valued at $875.4 million. The swap? Nearly 39.2 million shares of their common stock for all of Pallas’s assets. This puts them as the 14th biggest public Bitcoin holder out there. It’s part of this wave where more firms are piling into cryptocurrency.
CEO Xiaojian Wang says this buy directly backs their push for a solid, mixed crypto reserve. Bitcoin’s getting noticed more as a real reserve asset and store of value by big institutions. The idea is mainly focused on its long-term growth and steadiness. They first teased this crypto treasury plan back in May, aiming to offload up to $300 million in stock to fund it.
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Word got out on Tuesday, and GD Culture’s stock tanked hard, dropping 28.16% to $6.99. It bounced a bit in after-hours, up 3.7%, but market cap still hit $117.4 million low. This was their worst drop in over a year, with shares down 97% from that peak of $235.80 back on February 19, 2021. So the investors weren’t thrilled right off but it shows how jittery things can get with these moves.
Traders are worried about share dilution here, which sparks bad vibes in the market and shrinks what existing owners hold. Matthew Sigel from VanEck’s digital assets research points out that funding Bitcoin via stock or debt could erode capital if prices dip. Plus, some question if this keep raising and holding strategy lasts long-term. Convert cash to Bitcoin and just wait for it to climb? Not everyone buys that sustainability.
This Bitcoin grab by GD Culture highlights how public companies are eyeing crypto more these days. Over 190 firms hold it now, totaling $112.8 billion in the pot. Still, those risks can’t be ignored, especially with market ups and downs. As crypto keeps shifting, it’ll be something to watch if GD Culture pulls off what they want with this.
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