This Nasdaq-listed Bitcoin treasury diluted shareholders 18-fold to survive a $212 million crypto loss without selling its stash

Equity sales supported liquidity amid the Bitcoin loss

GD Culture ended 2025 with 229,278 shares outstanding and finished June with 4,162,500, after retroactively adjusting both figures for the June 29 one-for-250 reverse split. The increase of 3,933,222 shares left the ending count 18.15 times its year-end level.

Cash issuances accounted for 3,919,455 of those additional shares, or 99.65% of the increase. From May through June, the company sold 2,882,249 split-adjusted shares through its at-the-market program for about $42 million net. It also sold 1,037,206 split-adjusted shares in a June placement at an adjusted $5.25 each, raising about $5.45 million gross.

The company received $25.1 million of financing cash during the first half. Another $21.5 million in ATM proceeds remained in the underwriter’s brokerage account at quarter-end, so GD Culture recorded the amount as a receivable. The company said it received those funds immediately afterward.

At June 30, GD Culture reported $7.2 million in operating bank accounts and $36.6 million of working capital, which included that ATM receivable. The company used $12.3 million of cash in operations during the half. Management concluded it had enough liquidity to meet its obligations for at least 12 months after the interim financial statements were issued.

The filing therefore presents two distinct shareholder exposures. Bitcoin price volatility drove a large noncash accounting loss, while the rapid expansion of the share base made dilution the direct cost to shareholders. The stock sales did not cause the Bitcoin loss, but the filing shows equity issuance was a major source of near-term liquidity as GD Culture kept its 7,500-BTC reserve.