Why two public companies quietly liquidated 511 Bitcoin in 24 hours to escape $31.7 million in debt
KULR Technology Group and The Smarter Web Company each sold Bitcoin to repay obligations, showing how BTC treasury assets can be used as financing collateral rather than untouchable reserves. KULR sold about 333 BTC from July 9–23 at roughly $64,538, raising about $21.5 million and using the proceeds to retire all $20 million of principal under its Coinbase Credit facility. It said the move reduced interest expense and eliminated collateral/liquidation risk; about 760 BTC remained in treasury. Smarter Web sold exactly 177.8909127 BTC at about $65,762 to repay a zero-coupon Smarter Convert note around two weeks before maturity, avoiding a cash/coin/share settlement event and potential dilution from 7.7 million shares. It retained 2,700 BTC. A similar June precedent came from Nakamoto, which sold about 600 BTC plus derivatives to pay down $45 million of debt while keeping Bitcoin reserves.
