GD Culture Group reported a $211.8 million unrealized loss on its 7,500 BTC holdings for the first half of 2026, accounting for about 97.9% of its $216.2 million net loss, as the reserve's fair value fell to $451.2 million from an original cost of $842 million. The filing said the loss was a noncash fair-value accounting charge and did not require the company to sell its core Bitcoin treasury; GD Culture separately sold about 1.08 BTC held for short-term trading, receiving $71,201 and recording a $28,799 realized loss. At the same time, its split-adjusted share count rose from 229,278 at the end of 2025 to 4,162,500 by June 30, or 18.15 times the year-end level, with cash issuances accounting for 99.65% of the increase as the company relied on stock sales to fund operations and extend its operating runway while preserving the 7,500-BTC reserve.