Shares of GD Culture Group (Nasdaq: GDC) surged nearly 15% Wednesday after the company’s board approved the sale of its 7,500 bitcoin holdings, currently valued at roughly $510 million, more than double the firm’s $210 million market capitalization.

Shares have since fallen a bit and are trading up 10% on the day. 

The board said proceeds from the sale would fund a previously announced $100 million share repurchase program disclosed on Feb. 18. 

The program is expected to be executed over the next six months, with management retaining flexibility to sell bitcoin in one or more transactions as market conditions dictate. The company emphasized it is under no obligation to…

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