KULR Unloads Remaining Bitcoin Holdings for $58.6 Million

KULR Technology Group has completed its exit from Bitcoin, ending a strategy that began unwinding in August. The battery technology company sold approximately 764 Bitcoin between August 20 and September 11 for about $58.6 million in gross proceeds.

The sale of KULR's remaining Bitcoin holdings resulted in a weighted average sale price of around $76,633 per coin, according to a regulatory filing.

This move follows other steps taken by the company to reduce its cryptocurrency exposure, including ending its Bitcoin mining operation and repaying loans from Coinbase in full.

KULR's Chief Executive Michael Kimmel stated that these measures aim to limit stock dilution while reducing balance-sheet volatility.