Another public company abandons Bitcoin playbook after treasury volatility drove $22 million loss

An important story is making waves across the blockchain ecosystem. KULR Technology Group has exited Bitcoin mining, repaid its Coinbase debt, and begun selling its BTC holdings as the battery technology company shifts capital back toward its core business. The retreat marks a sharp reversal from the Bitcoin accumulation strategy KULR launched in late 2024, which allowed up to 90% of surplus cash to be deployed into the cryptocurrency. KULR purchased no Bitcoin during the first half of 2026 after spending $69.

9 million to acquire 693. 81 BTC during the same period last year. Its board has also made the remaining treasury available to fund operations, effectively turning Bitcoin from an accumulation asset into a potential source of corporate liquidity.

Market Dynamics

Chief Financial Officer Mike Kimel said the strategy had provided financial flexibility, but Bitcoin's volatility was making KULR's underlying battery business harder for shareholders to assess. Related Reading A US Bitcoin treasury company sold every BTC because debt and Nasdaq pressure just closed in New SEC filing ties a full BTC liquidation to debt repayment, collateral language, Nasdaq pressure and an AI pivot. Jul 2, 2026 Liam 'Akiba' Wright The company recorded a $10.

59 million non-cash Bitcoin fair-value loss during the second quarter, contributing to a $21. Revenue fell 43% to $2. 08 million, while the operating loss widened 19% to $11.

Since quarter-end, Kimel said KULR has been reducing its Bitcoin position in a “deliberate and disciplined manner” to lower balance-sheet volatility and concentrate capital on its energy platform. He also noted that the company issued no shares through its at-the-market program during the first half of the year. KULR joins a broader Bitcoin treasury retreat as core businesses take priority According to its SEC filing, KULR entered the second half of the year with 1,091.

Market Impact

69 BTC valued at $63. 92 million, down sharply from its $109. 8 million cost basis.

Of that position, 565 BTC worth about $33. 1 million were pledged against a $20 million Coinbase credit facility. KULR had drawn $5 million from the facility in March and another $15 million in May.

After June 30, the company sold approximately 333 BTC for $21. 5 million and used about $20 million of the proceeds to repay the Coinbase principal. The repayment eliminated the debt and released all 565 BTC that had served as collateral, removing the associated liquidation risk.

This shift continues to shape the digital-asset landscape, with analysts examining its near-term effects.