GD Culture’s share price drops 28% following $875 million Bitcoin acquisition

After announcing a deal to acquire 7,500 Bitcoin from Pallas Capital for about $875 million, GD Culture’s shares plummeted by 28%, now trading at $6.99, a drastic fall from $235.8 in February 2021.

CEO Xiaojian Wang emphasized that this acquisition is crucial for GD Culture’s strategy to build a robust crypto asset reserve, aiming to leverage Bitcoin’s growing acceptance as a value store.