Baitfish producers have expressed interest in adopting the split-pond production system. However, confining fish to 20% of the pond area in split-pond systems effectively quintuples fish density within the culture unit as compared with densities in open ponds. Winter conditions are known to be relatively more stressful on smaller fish, and high densities within split-pond culture units could increase losses. A 139-d study was conducted during the winter to compare the production of golden shiners, Notemigonus crysoleucas, in traditional earthen ponds and split ponds at two densities. Golden shiners were stocked at 646 kg/ha or 1292 kg/ha (ca. 370,500 or 741,000 fish/ha, respectively) into 12, 0.04-ha, netted earthen ponds (six split ponds and six traditional). Feeding rate, nightly aeration hours, and daily circulation hours were reduced when water temperature decreased. At harvest, net yields were significantly lower in the split ponds as compared with traditional ponds at each density (53 and 113 kg/ha less in the lowand high-density split-pond treatments, respectively). Estimated survival was high (>87%) and did not differ among treatments. Results showed that, although net yield was reduced, small baitfish could be successfully overwintered in split-pond culture units in preparation for the spring crappie market. KEYWORDS baitfish, golden shiner, pond aquaculture, split pond, winter