GD Culture Group
GDC · NASDAQTreasury vehicleMediumUSA
BTC held
7,500
as of Jun 30, 2026 · 0.036% of 21M
Value now
$578M
at BTC $77,040
Basic mNAV
0.01×
mkt cap $6M as of Aug 28, 2026
Sats per share
180,288
4.16M shares as of Aug 14, 2026
Cost basis
- Average cost per BTC
- $112,267
- Total invested
- $842M
- Unrealized gain
- $-264M (-31.4%)
Treasury debt
No convertible notes or treasury-linked debt on file.
Recent activity
No BTC was bought or sold in 2026: all 7,500 BTC acquired in the all-stock Pallas Capital share exchange (39,189,344 pre-split shares) remained on the balance sheet at June 30, 2026 at $451M fair value versus $842M cost. In February 2026 the board authorized selling BTC to fund a buyback of up to $100M (window ended Aug 17, 2026), and the company regained Nasdaq minimum-bid compliance on July 29, 2026 following its June 29 reverse split.
Risk notes
Carries a ~$391M unrealized loss (avg cost ~$112K/BTC) and trades at an extreme discount to BTC NAV — market cap was $6.37M on Aug 28, 2026 per stockanalysis.com (an earlier August source showed ~$108M), versus $451M of BTC — reflecting collapse after the reverse split, delisting scare, and massive Pallas-deal dilution; micro-cap data quality and custody verifiability are additional concerns. The Pallas acquisition closed Sep 29, 2025; the Q2 2026 10-Q states 7,500 BTC at $842M cost. The ~0.01× mNAV is genuine post-collapse pricing (1-for-250 reverse split June 2026), reflecting market doubt about the structure, not a data error.
Sources
- https://www.sec.gov/Archives/edgar/data/1641398/000121390026090150/ea0301332-10q_gdculture.htm
- https://www.sec.gov/Archives/edgar/data/1641398/000121390026083981/ea0300047-8k_gdculture.htm
- https://www.coindesk.com/business/2026/02/25/bitcoin-treasury-firm-gd-culture-set-to-sell-btc-holdings-to-fund-share-buybacks
- https://stockanalysis.com/stocks/gdc/
- https://www.theblock.co/post/371148/nasdaq-listed-crypto-treasury-gd-culture-to-add-7500-btc-after-pallas-capital-acquisition-closes
- https://bitcointreasuries.net/
Figures are compiled from public disclosures and may lag. This page is information, not investment advice or a recommendation regarding GDC securities.