Key takeaways
- KULR deposited 300 BTC ($24.36 million) into Coinbase Prime on May 13, 2026.
- KULR’s 1,021 BTC position, purchased at an average price of $98,627, results in approximately $17.8 million in unrealized losses.
- The move aligns with a 99% drop in BTC purchases by non-strategic companies in 2026, according to Cryptoquant.
SALE OR GUARANTEE?
KULR Technology Group (NYSE: KULR), the thermal energy management company that launched a Bitcoin cash strategy in December 2024, filed 300 bitcoin (valued at approximately $24.36 million) in Coinbase Prime, the institutional trading and custody arm of Coinbase, on Wednesday. The transfer took place approximately three hours before the alert went live on X, indicating that the movement was a possible liquidation signal.
KULR’s last publicly reported position was 1,021. BTC in July 2025, accumulated for a combined expenditure of approximately $101 million at an average cost of $98,627 per piece. And, with bitcoin trading at nearly $81,000 at the time of filing, the company is sitting on an unrealized loss of approximately $17.8 million on its entire position.
Coinbase Prime is the main provider of KULR bitcoin depositary and the company obtained a $20 million credit facility of Coinbase Credit in July 2025, with loans guaranteed by part of its BTC assets. Current management of guarantees or a withdrawal of this facility could explain this movement, but Lookonchain pattern analysis suggests the transfer might be consistent with a pre-sale deposit rather than a security adjustment.
ADAPTING A 2026 MODEL
Business bitcoin buy outside of strategy collapsed 99% compared to its August 2025 peak, with non-strategic companies collectively purchasing less than 1,000 BTC during the most recent 30-day window, down from a total of 69,000 BTC at the top of the trend. Strategy, led by Michael Saylor, now controls approximately 76% of all bitcoin held by treasuries of companies listed on the stock exchange (with assets of approximately 820,000 BTC).
KULR was once among the most engaged names in this cohort, with the company joining the group “ Bitcoin for businesses” and build your assets by successive purchases throughout 2025, to reach 1,021 BTC after crossing the mark of 920 pieces in the middle of the year.
The company also published a Net profit of $8.14 million in the second quarter of 2025, largely due to bitcoin (even though its core businesses continued to operate at a loss). But noh, with bitcoin About 18% below KULR’s average entry price, this tailwind appears to have reversed.
The company has not yet released a public statement regarding Wednesday’s Coinbase Prime transfer.
