KULR Ditches Bitcoin Strategy, Converts $58.6 Million into Battery Business

KULR Technology Group has officially parted ways with its Bitcoin-treasury strategy. The company sold all 764 of its remaining Bitcoin between August 20 and September 11 for $58.6 million, at a weighted average price of $76,633 per coin.

The sale represents roughly 53% of KULR's equity value, which is near $110 million based on the closing stock price of $2.38 on Friday. This implies that the company has converted 1,097 Bitcoin into approximately $80.1 million in gross proceeds at an estimated blended price of $73,017.

The sale came in two steps: KULR had already sold 333 Bitcoin in July for $21.5 million at an average price of $64,538. The company used part of the earlier sale to repay a $20 million Coinbase-backed loan.

Although the timing did not leave a significant windfall on the table, with Bitcoin prices only slightly above KULR's exit price, Monday's market reaction should be about the strategy change rather than the one-day scorecard on the sale.