GD Culture Group reported a $211.8 million first-half unrealized Bitcoin loss on its holdings while its split-adjusted share count rose to more than 18 times its year-end level, exposing two distinct pressures behind the company’s crypto-treasury strategy.

The Nasdaq-listed digital media and technology company held 7,500 BTC with an original cost of $842 million and a June 30 fair value of $451.2 million, according to its Aug. 14 quarterly filing. The Bitcoin loss accounted for about 97.9% of GD Culture’s $216.2 million net loss for the first six months of 2026.

That charge reflected fair-value accounting as Bitcoin prices changed. It was not a cash outflow or a sale of the core reserve. GD Culture separately reported selling about…