Public Companies Sell 511 BTC in 24 Hours to Pay Off $31.7 Million Debt

KULR Technology Group and The Smarter Web Company are two public companies that have made headlines for their unique approach to managing debt. According to recent disclosures, both companies sold a combined total of approximately 511 BTC in a span of just 24 hours. This liquidation was done to pay off outstanding debts totaling $31.7 million.

KULR Technology Group's July 24 filing revealed that the company had sold around 333 BTC at an average price of approximately $64,538, generating about $21.5 million in gross proceeds. These proceeds were then used to clear the principal under their Coinbase Credit facility, which stood at $20 million.

The Smarter Web Company's July 23 announcement explained that it had sold exactly 177.8909127 BTC at an average price of $65,762 to repay a zero-coupon instrument due on August 5. This early repayment removed the approaching settlement obligation and potential issuance of 7,718,551 shares.

Both companies have maintained substantial Bitcoin reserves despite this liquidation. KULR Technology Group still holds approximately 760 BTC in its treasury, while The Smarter Web Company retains 2,700 BTC.