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Two public firms sold 511 Bitcoin to repay about $31.7 million in debt
KULR used proceeds from 333 BTC sales to clear its full $20 million Coinbase Credit facility, while Smarter Web repaid a Smarter Convert due Aug. 5 to avoid a potential share issuance.
KULR Technology Group and The Smarter Web Company, both public companies with Bitcoin treasury strategies, each sold a portion of their holdings to retire obligations, according to separate disclosures published a day apart. Together, the companies sold about 511 BTC and used the proceeds to retire roughly $31.7 million in debt.
KULR said it sold approximately 333 BTC from July 9 through July 23 at a weighted-average price of about $64,538, generating about $21.5 million in gross proceeds. The company used the net proceeds to clear all principal under its $20 million Coinbase Credit facility, with accrued interest still expected to be calculated at month-end and paid in August 2026. KULR also said the move was intended to reduce interest expense and remove collateral and liquidation risk.
Smarter Web, a UK-listed web services group, described a different repayment. It said it sold exactly 177.8909127 BTC at an average price of $65,762 at the company’s request and with support from TOBAM-related noteholders to repay the Smarter Convert approximately two weeks before its August 5 maturity.
The Smarter Convert was a zero-coupon instrument, and at maturity holders could choose between segregated BTC, its fiat-equivalent value, or shares converted at £2.0475. Smarter Web said early repayment helped remove the approaching settlement obligation and the potential issuance of 7,718,551 shares, while it retained 2,700 BTC. CryptoSlate reports that a separate Coinbase facility shown on Smarter Web’s April 30 balance sheet means repaying the convert alone does not indicate the firm was debt-free.
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