KULR Technology Group has sold its remaining Bitcoin, completing a retreat from a treasury strategy it began unwinding in August.
The battery technology company sold about 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 that the company had already cut sharply as it repaid debt, ended its mining operation, and redirected capital toward its core energy business.
KULR said it sold the Bitcoin through a series of open-market transactions to unrelated buyers as part of its treasury management operations. The filing did not disclose the coins’ cost basis or whether the final disposal produced a realized gain or loss.
The exit extends a reversal that became visible in August, when KULR disclosed that 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.
That repayment reduced one balance-sheet pressure tied to the company’s Bitcoin strategy while also shrinking its exposure to the cryptocurrency. KULR had previously accumulated Bitcoin as a treasury asset and operated mining infrastructure before beginning to pull back.
KULR shifts capital back toward its core business
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 and weaker equity-market premiums.
KULR’s earlier retreat also included shutting down its Bitcoin mining operation as management moved to concentrate capital on its energy platform. The Sept. 11 sale completes that transition on the asset side, leaving the company without the Bitcoin holdings that had previously amplified both gains and losses on its balance sheet.
The $58.6 million in gross proceeds gives KULR additional liquidity, though the filing does not spell out how the company plans to deploy the cash. That leaves investors focused on whether management channels the funds into operations, debt reduction, acquisitions, or other balance-sheet priorities.
The company has also stopped short of ruling 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.
For now, the more immediate question is how quickly KULR can convert the proceeds into operating returns from the energy business it has chosen to prioritize.