KULR sells 333 bitcoin for $21.5M after $22M treasury loss

KULR Technology Group sold 333 bitcoin at a $64,538 weighted average for $21.5 million, fully repaying its $20 million credit facility with Coinbase Credit, the company disclosed.

The battery technology firm's treasury management strategy prioritized eliminating interest expense and collateral risk, according to its July 23 disclosure, which showed approximately 760 BTC still held on the balance sheet. All 565 BTC previously pledged as collateral are expected to be returned, leaving the company with a largely debt-free balance sheet under its newly appointed board and CFO.

The sales occurred between July 9 and July 23, 2026, during a period of heightened market volatility. The company reported a roughly $22 million loss tied to treasury volatility, prompting the unwind. KULR's market capitalization stands at $135.1 million with average daily trading volume of about 2.3 million shares, according to TipRanks data.

TipRanks' AI analyst Spark rates KULR as Neutral, citing large ongoing losses and heavy negative free cash flow despite solid revenue growth and low current leverage. The earnings call points to improving commercial traction and a substantial gross-margin step-up with continued cost discipline, though execution risk around the planned second-half production ramp remains high.

The move marks another crack in the corporate bitcoin treasury playbook that small-cap tech firms adopted during the 2024-2025 bull run. Strategy, the largest corporate holder with 846,000 BTC, has lost 75 percent over the past 12 months as bitcoin fell 46 percent, according to Benchmark analyst Mark Palmer. Coinbase, which provided the credit facility, trades 52 percent below its year-ago level, while Marathon Digital is down 38 percent over the same period.

KULR retains roughly 760 BTC as of July 23, preserving exposure to bitcoin's potential upside while removing the leverage and liquidation risk that accompanied the Coinbase facility. The company continues to scale its core battery technology operations, which focus on advanced thermal management and safety solutions for energy storage applications. The treasury decision was framed as a proactive step to prioritize stockholder value.

The unwind could pressure sentiment around corporate bitcoin adoption as institutions reassess the cost of holding digital assets on balance sheets. With bitcoin down 46 percent over the past year and corporate treasuries facing mark-to-market losses under fair-value accounting rules, more companies may follow KULR's path of deleveraging rather than doubling down on digital asset exposure.

This article is for informational purposes only and does not constitute investment advice.