Public Companies Liquidate 511 BTC to Escape $31.7 Million Debt

Two public companies, KULR Technology Group and Smarter Web Company, have sold approximately 511 BTC in a voluntary move to reduce debt obligations. The sale generated about $31.7 million, with $20 million of it used by KULR to clear its Coinbase Credit facility principal.

KULR said the sale was a deliberate step to reduce interest expense and remove collateral and liquidation risk. The company had pledged 565 BTC as collateral and expected 760 BTC still in its treasury. Smarter Web, on the other hand, sold exactly 177.8909127 BTC at an average of $65,762 to repay Smarter Convert.

Smarter Web's repayment removed maturity and dilution risk, allowing it to avoid the potential issuance of 7,718,551 shares. The company retained 2,700 BTC after the sale. Both companies have maintained sizable Bitcoin reserves despite their debt obligations.