KULR Technology Group just did something most corporate Bitcoin holders talk about but rarely execute: it sold a meaningful chunk of its stack to clean up its balance sheet. The company offloaded approximately 333 BTC between July 9 and July 23, generating roughly $21.5 million in gross proceeds to fully retire its $20 million credit facility with Coinbase Credit.

The average sale price landed around $64,538 per Bitcoin. For a company that built its holdings at a weighted average cost of approximately $108,884 per BTC, that math is, well, not flattering. But KULR’s play here isn’t about timing the market. It’s about eliminating debt before the facility’s August 2026 maturity date.

From peak holdings to strategic retreat

KULR’s Bitcoin journey started in December 2024 with an initial purchase of 217.18 BTC for around $21 million. The strategy was aggressive from the start: allocate up to 90% of surplus cash toward Bitcoin acquisitions.

Holdings climbed past 1,000 BTC by mid-2025, eventually peaking at 1,083 BTC as of March 31, 2026. The company wasn’t just buying with cash, either. It tapped a $20 million credit line from Coinbase to accelerate its accumulation, pledging 565 BTC as collateral.

What’s left in the treasury

Post-sale, KULR holds approximately 760 BTC. But there’s an important detail: the company expects an additional 565 BTC previously pledged as collateral to be released now that the Coinbase facility is fully repaid.

For context, KULR is a NYSE-listed company whose core business involves energy management and battery safety technologies. The Bitcoin treasury strategy was always a side bet, a corporate conviction trade layered on top of an existing business.

The corporate Bitcoin playbook is evolving

Selling 333 BTC at an average of $64,538 when you bought at a weighted average north of $108,884 per BTC is a realized loss of roughly $14.8 million on those specific coins. The alternative — rolling over a $20 million credit facility into an uncertain rate environment while Bitcoin prices remain well below the cost basis — carried its own risks.

The company now has a cleaner capital structure and still maintains significant Bitcoin exposure through its remaining 760 BTC holdings. If Bitcoin prices recover meaningfully, KULR participates in that upside without any debt service dragging on cash flows.