KULR Reduces Bitcoin Holdings After Reporting Net Loss of $21.97 Million
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KULR Technology Group has ended its Bitcoin mining operations, repaid its debt to Coinbase, and started selling part of its BTC reserves, shifting its focus back to its core battery business. The company reported a net loss of $21.97 million for the second quarter, impacted by a non-cash loss of $10.59 million related to the fair value of Bitcoin. It ceased purchasing Bitcoin in the first half of 2026, having acquired $69.9 million worth of 693.81 BTC in the same period the previous year. According to materials submitted to the SEC, the board has allowed the remaining BTC treasury to be used for operating funds, indicating that this asset is no longer solely for reserves. As of the end of June, KULR held 1,091.69 BTC, valued at $63.92 million, down from a purchase cost of $109.8 million. 565 BTC, valued at approximately $33.1 million, were used as collateral for a $20 million credit line with Coinbase. After June 30, the company sold about 333 BTC, cashing out $2.15 million and using approximately $20 million to repay its debt to Coinbase. The debt has been cleared, and the 565 BTC have been released from collateral, eliminating liquidation risk. Bitcoin holdings disclosed on July 23 have dropped to about 760 BTC. KULR dismantled its mining operations by not renewing contracts expiring on July 30 and terminating an agreement originally set to last until October 2027, paying $1.5 million to terminate the contract and eliminating approximately $2.1 million in remaining commitments. The second quarter mining output was 8.44 BTC, down from 11.25 BTC a year earlier, with business revenue falling from $1.12 million to about $606,000.
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