KULR Sells Final 764 BTC, Exits Bitcoin Treasury
KULR sold its last 764 Bitcoin between Aug. 20 and Sept. 11 for about $58.6 million, leaving the battery technology company with zero BTC as of Sept. 11.
Battery technology company KULR sold its final 764 Bitcoin between Aug. 20 and Sept. 11, generating roughly $58.6 million in gross proceeds, according to a regulatory filing. The filing records the disposals as open-market transactions with unrelated buyers and shows the company’s Bitcoin holdings reduced to zero on Sept. 11.
The filing reports a weighted average sale price near $76,633 per coin. KULR characterized the trades as part of its treasury management operations.
KULR had previously disclosed selling about 333 BTC after June 30 for roughly $21.5 million. About $20 million of those earlier proceeds were used to repay principal owed to Coinbase. The company also wound down its Bitcoin mining operations earlier this year as management redirected capital toward its battery and energy technology business.
The regulatory filing does not disclose the cost basis of the Bitcoin sold or whether the final disposals produced realized gains or losses. It also does not specify how KULR plans to deploy the approximately $58.6 million in gross proceeds. The document does not prohibit future Bitcoin purchases.
With the completed sales, KULR no longer holds Bitcoin as a treasury asset. Subsequent regulatory filings and company statements are expected to provide details on the accounting outcomes of the sales and the company’s plans for the cash from the transactions.
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