KULR Technology Group announced Tuesday it has secured a $20 million credit facility with Coinbase Credit, Inc., a subsidiary of Coinbase Global, Inc.
The company intends to use the net proceeds from the multi-draw loan facility to fund its strategic bitcoin accumulation goals, according to a statement. Borrowings under the credit facility will be secured by part of KULR’s existing bitcoin holdings.
“This marks KULR’s first bitcoin-backed credit facility, giving us access to non-dilutive capital at a competitive financing rate,” KULR CEO Michael Mo said. “It reflects our commitment to diversifying our funding sources as we continue to execute on long-term growth strategies to drive shareholder value.”
KULR specializes in thermal management solutions designed to improve the safety and efficiency of energy storage systems, especially for lithium-ion batteries.
It previously chose Coinbase Prime to provide custody, USDC, and self-custodial wallet services for its bitcoin holdings last year. Currently, eight of the 10 largest public bitcoin holders use Coinbase Prime for similar services, according to CEO Brian Armstrong.
The bitcoin accumulation race
KULR is ranked 31st among the now 135 public firms looking to emulate Strategy’s bitcoin acquisition playbook, alongside Semler Scientific, Metaplanet, and others, according to Bitcoin Treasuries data.
On June 9, KULR confirmed the acquisition of an additional 118 BTC for approximately $13 million. The company now holds a total of 920 BTC — bought at an average price of $98,760 per bitcoin for a total cost of around $91 million. At a current value of $100 million, that implies around $9 million of paper gains.
The latest acquisitions aligned with KULR’s bitcoin treasury strategy announced in December, committing up to 90% of its surplus cash reserves to be held in bitcoin.
At the same time, KULR announced a sales agreement with Cantor Fitzgerald and Craig-Hallum Capital to sell up to $300 million of common stock through an at-the-market offering to support its bitcoin treasury over time.
KULR’s stock is currently up 7.1% in early trading on Tuesday, according to The Block’s KULR price page, having gained more than 127% over the past year but lost 78% year-to-date.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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