KULR Abandons Bitcoin Mining Operation Amid Volatility Concerns

KULR Technology Group has abandoned its Bitcoin mining operation and is reducing its BTC holdings as the battery technology company shifts focus back to its core business.

The decision marks a reversal from KULR's strategy in late 2024, which allowed up to 90% of surplus cash to be invested in Bitcoin. However, the company has faced significant losses due to Bitcoin volatility, with a $10.59 million non-cash fair-value loss contributing to its $21.97 million net loss in the second quarter.

KULR's Chief Financial Officer Mike Kimel stated that while the strategy provided financial flexibility, Bitcoin's volatility made it difficult for shareholders to assess the company's underlying battery business.