Shares of GD Culture Group tumbled 28% on Tuesday after the livestreaming and e-commerce company announced it will acquire all assets of Pallas Capital Holding, including 7,500 Bitcoin worth $875.4 million. The deal, finalized last week, will be completed through the issuance of nearly 39.2 million GD Culture shares.
CEO Xiaojian Wang said the acquisition aligns with plans to build a “diversified crypto asset reserve” and capitalize on Bitcoin’s growing institutional recognition as a reserve asset. The move would position GD Culture among the world’s largest corporate Bitcoin holders, ranking 14th globally.
The company, which integrates AI-powered avatars into livestreaming and e-commerce platforms like TikTok, follows a broader trend of firms pivoting into crypto treasuries. Publicly listed Bitcoin treasury firms have more than doubled in 2025, with over 190 companies holding the asset. However, concerns linger as critics warn that the model of raising capital, converting it to Bitcoin, and waiting for appreciation may face sustainability challenges.
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