KULR Sells All Remaining Bitcoin, Completing Full Treasury Exit
Strategic Reversal
Company Background
KULR Technology Group is a Houston-based energy-systems company, listed on NYSE American, with a market capitalization of approximately $108.8 million. It designs and manufactures battery solutions for space, defense, drones, AI data centers, and other mission-critical applications. In late 2024, management adopted an aggressive Bitcoin treasury strategy, pledging to allocate up to 90% of surplus cash to Bitcoin and rebranding the company as a "Bitcoin+ Treasury company" in its public communications.
By December 31, 2025, Bitcoin had become the dominant balance sheet asset: the company held $94 million in Bitcoin against just $13.3 million in cash, while reporting a full-year net loss of $61.9 million — a figure heavily inflated by non-cash mark-to-market charges on those holdings. As recently as October 2025, the company announced a 3.3 MW Bitcoin mining hosting partnership with Soluna Holdings at a Kentucky facility.
The operating business has struggled alongside the crypto overlay. Q2 2026 revenue fell 43% year-over-year to $2.08 million, gross margin turned deeply negative at -31%, and the net loss of $22 million was driven primarily by a $10.6 million fair-value loss on Bitcoin holdings. The company's at-the-market equity offering program, paused since December 2025, was subsequently extended through September 30, 2026.
What Was Disclosed
KULR sold an aggregate of approximately 764 BTC through a series of open-market transactions to unrelated purchasers between August 20 and September 11, 2026, at a weighted average price of approximately $76,633 per BTC, generating aggregate gross proceeds of approximately $58.6 million. These sales represented all of the company's remaining Bitcoin holdings; as of the filing date, KULR holds no BTC. The transactions were described as part of "ongoing treasury management operations,