On September 11, 2026, KULR Technology Group filed a Form 8-K with one operative sentence: the company sold approximately 764 bitcoin between August 20 and September 11, and "as of the date of this report, the Company no longer holds BTC." The weighted average price was $76,633. Gross proceeds were about $58.6 million.

That closes a program KULR announced on December 4, 2024, when it said it would put up to 90% of its surplus cash into bitcoin. The first purchase, 217.18 BTC for $21 million on December 26, 2024, came in at $96,556 a coin. The last sale went out at $76,633. Everything in between is in the company's own SEC filings, and the arithmetic is not kind.

Two sales, 1,097 coins, $80.1 million

The September filing is the second of two. The first, a Form 8-K dated July 24, 2026, disclosed that KULR sold about 333 BTC between July 9 and July 23 at a weighted average of $64,538, for roughly $21.5 million. The stated purpose was to repay a $20 million credit facility from Coinbase Credit in full. KULR had drawn $5 million on March 27 and $15 million on May 13, paying a 7% fee, and had pledged 565 BTC as collateral.

The July filing also said the company "currently holds approximately 760 BTC" and would retain "meaningful exposure to BTC's potential upside through its continued BTC holdings." That exposure lasted 28 days. Selling started again on August 20.

Add the two disclosures together: 1,097 BTC sold for $80.1 million, an average of $73,017 per coin.

What the coins cost

The cost side comes from Note 4 of KULR's 10-Q for the quarter ended June 30, 2026, filed August 13. As of June 30 the company held 1,091.69 BTC at Coinbase "with a cost basis of $109,801,107, and a fair value of $63,922,870." That works out to $100,579 per coin on the cost side and $58,554 per coin at the June 30 mark. A few more coins were mined in July before KULR shut its mining segment, which is how 1,091.69 became roughly 1,097.

The purchase history explains the number. After the December 2024 buy at $96,556, KULR bought 693.81 BTC in the first half of 2025 at an average of $100,748, an outlay of $69.9 million. A July 2025 top-up was made at $108,884 per coin, taking the position to 1,021 BTC and total purchases to about $101 million. The July 10, 2025 press release accompanying that purchase reported a "BTC Yield" of 291.2%, the Strategy-style metric that measures coins per share rather than dollars per coin. No bitcoin was bought in 2026. The remaining 70 or so coins came from a hosted mining arrangement, which produced 17.23 BTC in the first half of 2026 at an average value of $73,594.

KULR's bitcoin: what it paid and what it got ($ per BTC)

Purchases: December 2024 at $96,556; first half 2025 at $100,748; July 2025 at $108,884. Sales: July 2026 at $64,538; August to September 2026 at $76,633. Dashed line is the $100,579 average cost basis reported at June 30, 2026. Sources: KULR Forms 8-K dated December 26, 2024, July 10, 2025, July 24, 2026 and September 11, 2026; Form 10-Q for the quarter ended June 30, 2026, Note 4.

The shortfall, and where it came from

$109.8 million in, $80.1 million out. The gap is about $29.7 million, or 27% of what the coins cost. Bitcoin traded at $77,286 on September 12, so the final tranche went out within 1% of the current price. The loss was locked in by buying at $100,000 and above during 2025, not by selling at the bottom.

One tranche did sell near the bottom. The 333 coins that repaid Coinbase went at $64,538 in mid-July, two to four weeks after bitcoin touched roughly $61,000 in late June. Those same coins would have fetched $76,633 at the August-September price, a difference of about $4 million. That $4 million is the cost of having borrowed $20 million against the position in March and May, at a 7% fee, with 565 BTC locked as collateral, and then deciding in July that the loan had to go. The 10-Q records $233,013 of interest on the facility for the half year. The timing cost was seventeen times the interest.

Why the company says it sold

KULR's second quarter showed why the coins became the operating budget. Revenue was $2.08 million, down from $3.65 million a year earlier. Loss from operations was $11.2 million. Net loss was $21.97 million, against net income of $8.14 million in the same quarter of 2025, when a rising bitcoin price had done the opposite to the income statement. For the first half of 2026, the change in fair value of digital assets was a $31.4 million loss and the net loss was $51 million. Cash on June 30 was $12.8 million.

In the August 13 results release, Chief Financial Officer Mike Kimel said the treasury "provided meaningful financial flexibility, but its volatility also had a significant impact on our reported results," and made "the underlying performance of our battery business more difficult for shareholders to assess." He added that the company had "exited Bitcoin mining, repaid the Coinbase loan in full, and begun reducing our Bitcoin holdings in a deliberate and disciplined manner."

The 10-Q puts it more directly. During the second quarter, the board "approved management's decision that the Company's BTC holdings would be available to fund operations," and every coin was reclassified from a non-current asset to a current one. In accounting terms, the bitcoin stopped being a long-term reserve and became working capital on that date.

The reclassification is the real story. A company with $12.8 million of cash and an $11 million quarterly operating loss cannot hold a $64 million asset as a long-term reserve. It was always going to be spent. Calling the sales "treasury management" in the 8-K is a courtesy; the plainer description is that KULR's 2025 share sales were converted into bitcoin at $100,000, held through a 40% drawdown, and converted back into about six quarters of operating losses, at $73,000. I think the June reclassification deserved more attention than either sale.

What KULR is now

With the bitcoin gone, KULR is a Texas energy-storage and battery-testing company with no debt, a run-rate operating loss of $11 million a quarter, and by my arithmetic about $70 million of cash (the June 30 balance plus both sales, less the loan repayment). It also has a few loose ends. One of them is worth knowing about. In December 2025 the company allocated $5 million to buying and selling cars through a California dealership as a research project for its vibration-testing product. As of June 30, the dealership owed $5 million, all past due, and KULR had reserved $500,000 against it and moved the balance to non-current assets. Its filing says it expects to collect the rest beyond a year from now.

The same 8-K that reported the last bitcoin sale also granted Kimel 200,000 restricted stock units vesting over four years, effective September 10. The July filing credits the company's "newly appointed Board and Chief Financial Officer" with the decision to deleverage, which is a polite way of saying the people who set the strategy are not the people who unwound it.

If you hold KULR, or any treasury-company stock

  • The bitcoin proxy trade is over. Anyone who bought KULR shares as an indirect way to hold bitcoin now owns a battery company. The next 10-Q, due in November, will show a digital-assets line of zero and a realized loss on the sales.
  • Read the reclassification, not the press release. When a company moves crypto from non-current to current assets, it is telling you the coins are for spending. That move appeared in the 10-Q six weeks before the sales started.
  • Watch the ATM. KULR said it sold no shares through its at-the-market program in the first half of 2026. With $70 million of cash it may not need to, but a resumed ATM would be the sign that the bitcoin proceeds are running short.
  • Nothing in the filing rules out buying again. The 8-K calls the sales part of "ongoing treasury management operations." It does not say the strategy is terminated.

What the 1,097 coins bought

KULR entered bitcoin in December 2024 with about $12 million of cash on hand and exited when it could no longer afford the mark-to-market swings. Between the two, it paid about $101 million in cash for coins, earned a reported 291% BTC yield, borrowed against the position, sold to repay the loan, and sold the rest to fund payroll. The net effect of 21 months is $29.7 million of shareholder money gone, and a balance sheet that is cleaner than it was in December 2024.

Other public companies still hold bitcoin as a treasury asset, many of them with operating businesses far smaller than their coin positions. KULR's filings are a complete worked example of how that ends when the operating business needs the money. The September 11 Form 8-K and the second-quarter 10-Q contain every figure cited here.