KULR Technology Transfers $9.5M in Bitcoin to Coinbase Prime as Holdings Drop 90%

NYSE-listed KULR Technology, a company primarily focused on thermal management and battery safety solutions for aerospace, defense, and energy applications, has transferred 145.8 BTC, valued at approximately $9.45 million, to Coinbase Prime, according to blockchain analytics firm EmberCN. The transaction, reported roughly five hours before publication, represents another substantial reduction in the company's digital asset reserves.

KULR had adopted its Bitcoin treasury strategy in December 2024, when it announced plans to allocate up to 90% of surplus cash to Bitcoin, joining a wave of publicly traded companies adding the cryptocurrency to their balance sheets.

Holdings Fall From 1,021 BTC to 100 BTC

EmberCN data shows that KULR's Bitcoin holdings peaked at 1,021 BTC, worth approximately $101 million at current market prices. Following a series of sales over recent months, the company now holds just 100 BTC, valued at roughly $6.47 million — a reduction of more than 90% from its peak.

According to the analytics firm, KULR's average purchase price was $98,923 per Bitcoin, while its average selling price came in at $74,368. That gap has produced an estimated realized loss of approximately $22.62 million on the company's Bitcoin trades.

Multiple Indicators Signal Strategy Halt

EmberCN cited several signs that KULR has effectively abandoned its Bitcoin holding strategy. These include a consistent selling trend over recent months, the removal of a dedicated BTC holdings page from the company's corporate website, and the absence of any further Bitcoin-related posts on its official X (formerly Twitter) account.

The transfer to Coinbase Prime — a platform widely used by institutions for trading and custody — further indicates that the company is in liquidation mode rather than accumulating. This strategic shift comes during a particularly volatile stretch for Bitcoin, which has experienced notable price swings in recent months.

Broader Context for Corporate Bitcoin Treasuries

KULR's decision to sell at a significant loss raises broader questions about the sustainability of corporate Bitcoin treasury strategies, particularly for smaller publicly traded companies. The reversal stands in contrast to larger corporate holders such as Strategy (formerly MicroStrategy) and Semler Scientific, which have continued accumulating Bitcoin through the same period. KULR's experience highlights the financial pressure that Bitcoin price drawdowns can place on companies without the balance-sheet capacity to absorb sustained unrealized losses.

The company's experience also highlights the potential downside of holding digital assets on corporate balance sheets. According to EmberCN's data, KULR's realized losses underscore the financial exposure inherent in such strategies, particularly in the absence of robust hedging mechanisms.

KULR has not publicly disclosed a specific reason for the sales.

Source: CryptoNewsNet