While the number of Bitcoin (BTC) treasury companies continues to increase day by day, another Nasdaq-listed company has announced its purchase of BTC.
Accordingly, live broadcast and e-commerce company GD Culture Group announced a $787.5 million Bitcoin purchase agreement.
According to the official statement, GD Culture Group announced that they have entered into an equity agreement to acquire assets worth $875 million, including 7,500 Bitcoins, from Pallas Capital Holding, a company registered in the British Virgin Islands.
GD Culture will issue approximately 39.2 million shares of common stock in exchange for all of Pallas Capital’s assets, including $875.4 million worth of Bitcoin.
GD Culture CEO Xiaojian Wang said the acquisition deal will directly support the company’s plan to build a strong and diversified crypto asset reserve while capitalizing on the growing institutional acceptance of Bitcoin as a reserve asset and store of value.
With this acquisition, GD Culture is expected to become the 14th largest publicly traded Bitcoin holding company. The number of companies adopting Bitcoin treasury strategies has increased significantly, exceeding 190 by 2025.
Immediately after the deal was announced, GD Culture shares fell 28.16% to $6.99, their biggest drop in a year.
As you may also recall, GD Culture announced in May that it would create a cryptocurrency reserve.
At this point, the company announced that they plan to invest in Bitcoin and President Donald Trump’s official meme coin, TRUMP token, through the issuance of up to $300 million in stock.
*This is not investment advice.
Source: https://en.bitcoinsistemi.com/another-nasdaq-listed-company-announces-massive-bitcoin-btc-purchase-becomes-14th-largest-company-theyll-also-invest-in-trump-linked-altcoin/
