Two public firms sold 511 BTC to retire $31.7M debt

KULR Technology Group and The Smarter Web Company sold a total of about 511 BTC within a roughly 24-hour span to retire roughly $31.7 million in obligations. KULR sold about 333 BTC to clear a $20 million Coinbase credit facility; Smarter Web sold 177.8909127 BTC to repay a convertible instrument. Both companies reported the transactions as voluntary and retained substantial Bitcoin holdings after the sales.

KULR’s regulatory filing reported the company sold approximately 333 BTC between July 9 and July 23 at a weighted-average price near $64,538, generating about $21.5 million in gross proceeds. KULR used the net proceeds to pay down all principal under its $20 million Coinbase facility. The company noted accrued interest would be calculated at month-end and expected to be paid in August 2026. Earlier draws included a $5 million advance in March with a 7% loan fee and a $15 million draw in May carrying a 7% annual financing charge paid monthly. KULR said the sale reduced its collateral and liquidation exposure and expected about 565 pledged BTC to be released, leaving roughly 760 BTC in its treasury.

Smarter Web’s announcement described an early repayment of its zero-coupon Smarter Convert instrument. The company sold exactly 177.8909127 BTC at an average price near $65,762 to repay the convert roughly two weeks before its August 5 maturity. At maturity, holders could have taken the segregated BTC, the fiat-equivalent value, or shares convertible at £2.0475 per share. Early repayment removed the approaching settlement obligation and the potential issuance of 7,718,551 shares tied to conversion. After the repayment, Smarter Web reported retaining 2,700 BTC. The company’s April 30 balance sheet included a separate Coinbase facility, indicating the convert repayment did not eliminate all debt on its books.

Together the sales produced about $31.7 million in proceeds used to retire principal balances and remove short-term settlement and collateral risks, while leaving each firm with remaining Bitcoin reserves. Both companies described the transactions as deliberate financing actions rather than lender-forced liquidations.

Similar financing arrangements have involved pledged coins as loan collateral, ongoing financing charges, near-term maturities on convertible instruments, and conversion terms that can lead to large share issuance. In a comparable case in June, a publicly traded company sold about 600 BTC plus derivatives exposure, applied roughly $45 million to debt and maintained Bitcoin on its balance sheet while holding significant USDT liabilities.