KULR Technology Group has sold the last of its Bitcoin, ending a treasury strategy it began unwinding in August. The battery technology company closed out its position for roughly $58.6 million and has not said how it will use the proceeds.
KULR Technology Group sold its remaining 764 Bitcoin between Aug. 20 and Sept. 11 for roughly $58.6 million in gross proceeds, according to a regulatory filing. The transactions were completed at a weighted average price of about $76,633 per Bitcoin.
The sales reduced KULR's Bitcoin holdings to zero as of Sept. 11, closing out a position the company had already cut sharply as it repaid debt, ended its mining operation, and redirected capital toward its core energy business. KULR sold the coins through open-market transactions to unrelated buyers as part of its treasury management operations. The filing did not disclose the cost basis or whether the disposal produced a realized gain or loss.
KULR shifts capital back toward its energy business
The exit extends a reversal that became visible in August, when KULR disclosed it had sold roughly 333 Bitcoin after June 30 for about $21.5 million. About $20 million of those proceeds went toward repaying principal owed to Coinbase, reducing one balance-sheet pressure tied to the company's crypto strategy while also shrinking its exposure to Bitcoin. KULR had previously accumulated Bitcoin as a treasury asset and operated mining infrastructure before beginning to pull back.
The latest sale removes the remaining direct link between KULR's treasury and Bitcoin's price, at a time when several public companies have reassessed crypto-heavy balance sheets amid volatile financing conditions. The $58.6 million in proceeds gives KULR additional liquidity, though the filing does not spell out how the company plans to deploy the cash. That leaves the question of whether management channels the funds into operations, debt reduction, acquisitions, or other balance-sheet priorities.
The company has not ruled out future Bitcoin purchases. Its filing records the disposal of the remaining holdings but does not establish a permanent ban on rebuilding a position later.
Source: CryptoSlate
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