Another public company abandons Bitcoin playbook after treasury volatility drove $22 million loss
KULR Technology Group is reversing its Bitcoin strategy and refocusing on its core battery business. The company has stopped accumulating BTC, begun selling holdings, repaid its Coinbase debt, and shut down its mining operations. In the first half of 2026, KULR bought no Bitcoin after spending $69.9 million on 693.81 BTC a year earlier. It entered the second half with 1,091.69 BTC, then sold about 333 BTC for $21.5 million and used roughly $20 million to repay Coinbase, eliminating the debt and releasing 565 BTC pledged as collateral. The shift follows weaker financial results and concern that BTC volatility was obscuring operating performance. KULR posted a $10.59 million Bitcoin fair-value loss in Q2, a $21.97 million net loss, and a 43% revenue decline to $2.08 million. Mining activity also weakened, and KULR ended both mining agreements, including one early termination that removed about $2.1 million in commitments. The company now treats BTC as a liquidity source rather than a treasury asset.
