KULR Technology Group, an energy technology company focused on advanced battery systems and thermal-management solutions, has sold its remaining Bitcoin holdings for about $58.6 million.
The company sold approximately 764 BTC between August 20 and September 11 at a weighted average price of about $76,633 per Bitcoin, bringing its Bitcoin holdings to zero. The sale marks the end of KULR’s Bitcoin treasury strategy after roughly two years of holding the asset.
KULR completes its Bitcoin exit
The latest sale represents the final stage of KULR’s broader reduction in its Bitcoin holdings.In July, the company sold approximately 333 BTC for about $21.5 million at an average price of $64,538 per Bitcoin. KULR used the proceeds to fully repay a $20 million credit facility with Coinbase.
It then sold its remaining 764 BTC through open-market transactions between August 20 and September 11. Together, the two rounds of sales involved roughly 1,097 BTC and generated about $80 million in gross proceeds.
Why KULR sold its Bitcoin
KULR had increasingly moved away from its Bitcoin strategy as it refocused on its core business. The company said Bitcoin’s price volatility had affected its financial results. During the second quarter, KULR recorded a $10.6 million non-cash loss from changes in the fair value of its Bitcoin holdings.
KULR also exited Bitcoin mining and repaid its Coinbase loan before beginning the final reduction of its Bitcoin position. The company said the decision was aimed at reducing balance-sheet volatility and giving shareholders clearer visibility into the performance of its operating business.
What KULR does
KULR develops battery and thermal-management technologies designed for applications that require high levels of energy performance and safety.
Its products and technology are used across areas including space, aerospace, defense, drones, AI data centers and robotics.
The company has developed battery platforms such as KULR ONE and thermal-management solutions designed to improve the safety and performance of lithium-ion battery systems.
With its Bitcoin holdings now sold, KULR can direct more of its capital toward these operating businesses rather than maintaining a large digital asset position on its balance sheet.
Bitcoin sales will support the core business
KULR has said it wants to use its capital more directly to expand its energy technology operations.
The company has been working on projects including scaling its KULR ONE Space battery platform, increasing production of battery systems for drones and developing backup power solutions for AI data centers and telecommunications.
In June, KULR also extended a pause on its at-the-market equity offering through September 30, giving the company another way to avoid issuing additional shares while raising capital.
The Bitcoin sales therefore give KULR cash to pursue its business plans without relying entirely on new equity issuance.
KULR now has no Bitcoin exposure
The sale marks a significant change from KULR’s earlier Bitcoin strategy. The company had accumulated more than 1,000 BTC at its peak and positioned Bitcoin as part of its corporate treasury.It has now completely reversed that position.
While several public companies continue accumulating Bitcoin as a long-term treasury asset, KULR has chosen to convert its holdings into cash and redirect capital toward its operating business. For KULR, the Bitcoin treasury strategy is now over, with the company returning its focus to battery technology and energy systems.