James Richardson
Nasdaq-listed GD Culture Group (GDC) announced on Wednesday that it will add 7,500 bitcoins to its long-term digital asset reserve once its acquisition of Pallas Capital is finalized.
At current prices, the new holdings are worth approximately $876 million, with Bitcoin trading just above $115,000, according to PRIME’s data.
On Tuesday, GDC signed a definitive share exchange agreement to purchase 100% of Pallas Capital’s circulating shares. In exchange, the firm will issue over 39 million new shares of its common stock. Pallas is registered in the British Virgin Islands.
GDC CEO Xiaojian Wang emphasized the strategic importance of the deal, saying:
“By completing this acquisition, we have significantly strengthened our balance sheet and positioned ourselves among the top 15 publicly traded companies with the largest Bitcoin reserves. Looking ahead, we will continue to explore blockchain and DeFi opportunities to maximize shareholder value.”
Position Among Public Bitcoin Treasuries
According to BitcoinTreasuries, adding 7,500 BTC would place GDC between Block (8,692 BTC) and Galaxy (6,894 BTC) on the list of the world’s largest public bitcoin holders. It remains unclear whether GDC held any bitcoin before the Pallas acquisition.
Previous Crypto Moves by GD Culture
This isn’t GDC’s first step into the crypto market. In May, the company entered into a $300 million stock purchase agreement with a British Virgin Islands-based investor to fund acquisitions of Bitcoin and the TRUMP memecoin.
Originally established as a digital human technology and e-commerce business, GDC has since pivoted to become a digital asset treasury firm, building a growing footprint in the blockchain sector.
