Public Companies Liquidate 511 BTC to Escape $31.7M in Debt

KULR Technology Group and Smarter Web Company, two publicly listed companies, quietly liquidated 511 BTC in a 24-hour period to escape approximately $31.7 million in debt.

The sales removed collateral risk for KULR and near-term maturity and dilution risk for Smarter Web.

KULR sold about 333 BTC at an average price of $64,538 between July 9 and July 23, generating $21.5 million in gross proceeds. The company used the net proceeds to clear its Coinbase Credit facility, which had a principal amount of $20 million.

Smarter Web repaid a convert by selling exactly 177.8909127 BTC at an average price of $65,762, removing maturity and dilution risk. The company retained 2,700 BTC in its treasury.