The program, approved earlier this month by the firm’s board of directors, authorizes it to repurchase up to $100 million in GD Culture shares (GDC) intermittently over the next six months.
“The board’s authorization permits the company to execute the Bitcoin sales in one or more transactions, from time to time, as management determines to be in the best interests of the company and its shareholders,” the firm said in a statement.
“Proceeds from the Bitcoin sales are expected to be used to fund repurchases of the company’s common stocks pursuant to the share repurchase program.”
While the firm is authorized to sell all of its Bitcoin holdings, it is under “no obligation” to sell any specific amount and the program can be modified or discontinued at any time, according to its announcement.
Shares in the firm are up around 21% following the news, recently trading at $4.04 but have still fallen more than 10% in the last month.
A representative for GD Culture did not immediately respond to Decrypt’s request for comment.
