GD Culture Group, which is traded on the Nasdaq stock exchange, announced that it would purchase Bitcoin (BTC) and Official Trump (TRUMP) meme coins by selling up to 300 million dollars in shares.
US-based technology and e-commerce company GD Culture Group announced on Monday that it has signed a share sale agreement with an investor based in the British Virgin Islands for a total of up to 300 million dollars. The company stated that a significant portion of the revenue generated from these sales will be held long-term by purchasing Bitcoin and TRUMP meme coins and will include crypto assets in its balance sheet.
GD Culture Group described the strategy as a "deliberate decision reflecting industry trends and the strengths of our company in the digital technologies and live commerce e-commerce ecosystem." The company's CEO, Xiaojian Wang, stated that they aim to strengthen their corporate reserves with this step.
A warning had come from Nasdaq
Recently struggling with financial difficulties, GD Culture announced a loss of 14.1 million dollars for 2024. Last month, the company received a warning from Nasdaq for not meeting the minimum share ownership value and was given a 45-day period for compliance.
Increased interest due to Trump
Former US President Donald Trump's call to increase the country's Bitcoin and crypto reserves has significantly raised interest in cryptocurrency assets in the corporate world. Previously, other Nasdaq companies like Freight Technologies had also taken similar steps by starting to acquire Trump meme coins. This situation makes GD Culture's move more noteworthy in the market.
At the time the news was published, the price of Bitcoin was trading at 102,267 dollars, while the price of TRUMP meme coin had decreased by 10 percent to 12.48 dollars.
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