Trump Memecoin Adopted By China-Linked Nasdaq Company As Treasury Reserve Asset
Publicly-listed holding company GD Culture Group Ltd. (NASDAQ:GDC) announced its intentions to raise up to $300 million to build a cryptocurrency reserve made up of Bitcoin (CRYPTO: BTC) and Official Trump (CRYPTO: TRUMP) on Monday.
What Happened: The Nasdaq-listed firm plans to use the proceeds from a stock sale to an “accredited” entity in the British Virgin Islands to finance this investment, according to a press release.
GDC said it wanted to improve its balance sheet with “high-performance, scalable digital assets,” as part of a broader pivot toward decentralized finance.
The company conducts business mainly through its wholly owned U.S. subsidiary AI Catalysis Corp. and China-based Shanghai Xianzhui Technology Co, Ltd.
GDC, which runs an e-commerce business on the Chinese-owned video-sharing app TikTok, reported no revenue …
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