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KULR exits Bitcoin mining, repays Coinbase debt after volatility losses
The battery technology company reported a $10.6 million non-cash Bitcoin fair value loss in Q2 and cut its disclosed BTC position about 30% to roughly 760 BTC by selling about 333 BTC for $21.5 million.
KULR Technology Group has exited its Bitcoin mining program, repaid its Coinbase debt, and started selling its BTC holdings as it shifts capital back to its core battery technology business, according to CryptoSlate. The move reverses the Bitcoin accumulation approach KULR launched in late 2024, when it allowed up to 90% of surplus cash to be deployed into the cryptocurrency.
KULR recorded a $10.59 million non-cash Bitcoin fair value loss during the second quarter, contributing to a $21.97 million net loss. Revenue fell 43% to $2.08 million, and the operating loss widened 19% to $11.2 million, the outlet reported, citing the company’s financial results.
The company said it reduced balance-sheet volatility and is concentrating on its energy platform. After June 30, KULR sold approximately 333 BTC for $21.5 million and used about $20 million of the proceeds to repay the Coinbase principal, eliminating the debt and releasing all 565 BTC that had been pledged as collateral.
KULR also dismantled its mining operations by allowing one mining agreement to expire on July 30 and terminating another contract early in July. CryptoSlate reported that KULR paid $150,000 to end the second agreement, which it said eliminated approximately $2.1 million of associated payments.
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