Bitcoin (BTC) price holds above $103,000 as GD Culture commits $300 million to BTC reserve

Bitcoin traded steadily above $103,000 on Thursday as GD Culture Group announced a $300 million capital injection for its crypto treasury strategy.

Bitcoin price traded steadily above the $103,000 mark on Thursday as the GD Culture Group announced a $300 million capital injection for its crypto treasury strategy.

The funding, secured through a Common Stock Purchase Agreement with an institutional investor for the issuance of 16,666,666 shares of common stock at a price of $18 per share, will be used by its subsidiary AI Catalysis to acquire digital assets including Bitcoin and Trump Coin.

The company stated that this move is designed to further reinforce its balance sheet and expand its exposure to decentralized financial systems.

"This capital infusion will enable us to continue executing our strategy of actively building a crypto reserve and adopting crypto-native treasury practices, ultimately aiming to enhance long-term shareholder value," the group said in a statement.

The announcement came as Bitcoin price hovered just above $103,000, eyeing the $105,000 psychological level amid broader market consolidation.

Bitcoin price forecast today: Bulls eye $105,700 breakout as momentum consolidates above $103,000

Bitcoin price held firm above the $103,000 on Thursday, signaling continued strength despite short-term consolidation below the $105,706 resistance.

The Relative Strength Index (RSI) at 67.42 and 69.14 reflected ongoing bullish momentum, although it had slid modestly from its May 9 peak, suggesting a temporary cool-off in buying pressure rather than a reversal. Price remained comfortably above the Parabolic SAR level at $98,673, indicating that the bullish trend remained intact.

Volume had moderated during this consolidation phase, perhaps indicating a healthy pause rather than a breakdown. Support from the Donchian Channel midpoint at $99,276 provided a firm floor for price action, with the lower band at $92,846 acting as a secondary safeguard.

Bitcoin price forecast today was skewed to the upside so long as price action held above $99,000 and maintained distance from its lower volatility bands. A daily BTC price close above $105,700 would confirm breakout continuation toward new monthly highs, while failure to hold $99,000 could expose downside risk to the SAR level. Current indicators suggested bullish resilience, backed by declining sell volume and a structure that continued to respect ascending trend signals.

The legal cannabis and advanced technology company announced that its subsidiary, AI Catalysis Inc, will use the net proceeds from the sale of common stock to invest in and diversify its digital asset portfolio.

The company is currently focused on acquiring Bitcoin and Trump Coin but may expand into other cryptocurrencies and Web3 technologies.

The move comes as several companies, particularly in the tech sector, have been making large-scale investments in Bitcoin and other digital assets in recent months.

These investments are seen as a hedge against inflation and a way to participate in the rapidly growing cryptocurrency market.

This commitment to cryptocurrency further expands the company's footprint in the vast and diversified emerging technology sector. It recently launched a venture capital arm to invest in early-stage startups developing advanced technologies such as artificial intelligence, gene editing, and nanotechnology.

The company is also exploring opportunities in the legal cannabis industry, having acquired a majority stake in a cannabis cultivation and processing facility in California earlier this year.

This move is part of a broader strategy by the company to expand into new and high-growth markets. The company stated that it is actively seeking to identify and capitalize on emerging trends that align with its core competencies.

The company's stock price has dropped sharply this year, losing more than 70% since the beginning of 2023. The company's performance has been poor, reporting a loss in the last reported quarter and a disappointing revenue total.

However, the company's bold moves and willingness to pivot are being recognized by investors, who have bid up the stock price by more than 50% in the past month. The stock price is still down sharply from its 52-week high but has been trending upwards since March.

This latest move to invest in cryptocurrency is likely to be viewed positively by investors who are looking for the company to expand into new markets and diversify its revenue streams. The company may also be able to realize capital gains on its cryptocurrency investments, which could further boost its performance.

Overall, this latest move by the company signals its strong commitment to cryptocurrency and its willingness to adopt new technologies and trends. It will be interesting to see how these investments perform and what impact they have on the company's performance in the coming quarters.

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The legal cannabis and advanced technology company announced today that its subsidiary, AI Catalysis Inc, will use the net proceeds from the sale of common stock to invest in and diversify its digital asset