After GD Culture Group purchased 7500枚比特币, the stock price fell by 28%, raising concerns in the market about dilution and speculative risks.

After announcing the acquisition of 7,500 Bitcoins through a share transaction with Pallas Capital Holding, GD Culture Group's stock price plummeted by 28% on Tuesday. Although the company aims to build a reserve of encryption assets, investors expressed concerns over the dilution caused by the new issuance of shares and the associated speculative risks. This move also adds it to an ever-growing list of publicly traded companies that are Bitcoin holders.

GD Cultural Group's Strategic Transformation, Market Reaction Cautious

The Nasdaq-listed company GD Culture Group announced that it will issue 39.2 million shares of common stock in exchange for assets from Pallas Capital, which include approximately $875 million worth of Bitcoin. This transaction, completed last Wednesday, marks a significant shift in the strategic direction of GD Culture Group.

GD Culture CEO Xiaojian Wang stated that this acquisition aims to establish a diversified encryption asset reserve and pointed out that the increasing institutional adoption of Bitcoin is a key driver. However, the market has shown skepticism towards this. According to Google Finance data, GD Culture Group (GDC)'s stock price fell to $6.99, marking the largest single-day drop in over a year. Although there was a rebound in after-hours trading, its stock price is still down 97% from the high of $235.80 in February 2021. The company's current market value is only $117.4 million.

Investors are clearly concerned about the dilution effect caused by new stock issuance. Such actions often trigger caution, especially when they are linked to speculative strategies like Bitcoin accumulation. VanEck had previously warned that companies financing cryptocurrency purchases through stock issuance could erode shareholder value if their market prices fall below their asset values.

Bitcoin Inflow: The Rush of Listed Companies Holding Coins Accelerates

GD Culture's move aligns it with a growing list of "Bitcoin treasury" companies that hold BTC on their balance sheets. This trend accelerated in 2025, with the number of publicly traded companies holding Bitcoin increasing from fewer than 100 at the beginning of the year to over 190. However, the market is still dominated by MicroStrategy, which controls nearly 70% of the total corporate Bitcoin holdings.

GD Culture first revealed its encryption ambitions in May, planning to raise $300 million for investment in digital assets including Bitcoin and the Trump-themed meme coin TRUMP. This news came a few weeks after the company received a Nasdaq warning due to its stock price falling below the minimum equity requirement of $2.5 million.

Enterprise Coin Holder Rankings and Market Outlook

Michael Saylor's company Strategy currently holds 636,505 BTC, making it the largest corporate holder. Mining company MARA Holdings ranks second with 52,477 BTC, having increased its holdings by 705 in August.

New entrants are also catching up. The company XXI, founded by Strike CEO Jack Mallers, has accumulated 43,514 BTC, while the Bitcoin Standard Treasury Company holds 30,021 BTC. Other major participants include the cryptocurrency exchange Bullish (24,000 BTC), Metaplanet (20,000 BTC), as well as publicly listed companies such as Riot Platforms, Trump Media & Technology Group, and CleanSpark.

This wave of accumulation has sparked speculation in the market about supply shocks. Of the fixed supply of 21 million Bitcoin, only 5.2% remains to be mined, and sustained corporate demand could further drive up prices. Some companies have set even higher targets. Japan's Metaplanet and the United States' Semler Scientific have set goals to hold 210,000 and 105,000 BTC respectively by 2027, which is 10 to 20 times their current holdings.

Outside of the United States, there are currently 120 listed companies that hold Bitcoin. The amount of Bitcoin held by companies in countries such as Canada, the UK, Hong Kong, Mexico, South Africa, and Bahrain is also continuously increasing.

Conclusion

The big dump of GD Culture Group's stock highlights the market's complex reaction to companies accumulating speculative assets through stock trading. Although this trend is pushing Bitcoin towards broader institutional adoption, investors are still cautiously weighing the potential risks of shareholder dilution against long-term value growth. In the future, as more companies consider incorporating Bitcoin into their balance sheets, the market will continue to closely monitor this emerging corporate financial strategy.