Crypto
KULR Abandons Bitcoin Strategy, Redirects Capital Towards Core Battery Business
KULR Technology Group has abandoned its Bitcoin mining strategy and is redirecting capital towards its core battery business.
The company, which spent $69.9 million to acquire 693.81 BTC in the first half of last year, purchased no additional Bitcoin during the same period this year.
KULR sold approximately 333 BTC after June for $21.5 million and used part of the proceeds to repay a $20 million Coinbase debt, releasing 565 pledged BTC from its balance sheet.
The company still holds about 760 BTC but has given management authority to sell more if corporate priorities require it, citing Bitcoin's volatility as a major concern.