KULR Sold All 1,099 Bitcoin for $80.1 Million, Repaid Coinbase Loan

KULR Technology Group sold its entire 1,099.09-bitcoin treasury for net proceeds of approximately $80.1 million in the third quarter, repaid the $20.0 million outstanding on its Coinbase credit facility and closed September with $54.5 million in cash, no borrowings and no digital assets. The Houston battery and energy-systems maker disclosed the full exit in its third-quarter results, filed with the SEC on Nov. 10, 2026.

The timing frames the decision. KULR finished selling into a quarter when bitcoin was recovering from its June lows, and the asset traded at $73,981 — an 11-week low — at 14:58 UTC on Nov. 10, per CoinGecko. Chief executive Michael Mo framed the sale as a balance-sheet reset rather than a market call. "We completed our exit from Bitcoin, repaid our only debt and ended the quarter with $54.5 million in cash," he said in the release.

What did KULR sell, and what did it keep?

The numbers are unusually clean for a company of KULR's size. The company confirmed it exited bitcoin mining effective July 2026 and stated it no longer holds, and does not intend to acquire or mine, digital assets. Its at-the-market equity programme is paused through Dec. 31, 2026, removing one source of dilution for the rest of the year — and the cushion that programme provided.

Dividing net proceeds by coins sold yields an average realised price of $72,878 per bitcoin, a figure the release does not print. Bitcoin's Nov. 10 price sat about 1.5% above that average, meaning KULR left roughly $1.2 million on the table relative to holding the same coins to that day. MARA, for comparison, sold 13,597 bitcoin at an average of $81,039 on Nov. 9 to retire $750 million of debt — about 11.2% above KULR's exit price.

The gap is small enough that price timing does not explain either decision. KULR's $20.0 million loan equalled 24.97% of its net proceeds, so a quarter of the sale went straight to the lender and the remaining $60.1 million stayed inside the business. Neither company described its sale as a directional view on bitcoin.

Where did the $4.5 million profit come from?

KULR reported third-quarter net income of $4.47 million, or $0.10 per basic and diluted share, against a $6.97 million loss a year earlier. The release attributes the swing to a $15.8 million non-recurring change in the fair value of digital assets, measured from June 30, 2026 to the dates of sale, and states the gain "does not reflect operating profitability."

The fair-value figure implies a June 30 carrying value of about $64.3 million, or $58,503 per coin. Bitcoin rose roughly 24.6% between that mark and the sale dates, and that recovery — not battery sales — produced the quarter's profit. The operating picture sits elsewhere in the filing:

• An $11.00 million operating loss
• A 4% gross margin, yielding about $296,000 of gross profit on $7.40 million of revenue
• Research and development spending of $5.02 million, up from $2.32 million a year earlier

How does the pivot back to batteries look?

Revenue rose 197% to $7.40 million from $2.49 million, product sales rose 299% to about $6.49 million from $1.62 million, and the company served 22 product customers against 18 a year earlier. KULR $ONE Max battery storage units shipped into Japan's power-as-a-service market, and the company says it built an NDAA-compliant supply chain for cells, chargers and battery-management electronics ahead of an expected 2027 production ramp.

"In my June letter to shareholders, I laid out a straightforward strategy: build more batteries, sell more batteries," Mo said. "Product sales nearly quadrupled year-over-year, and the growth came from our KULR $ONE platform." A November 2026 reduction in force is expected to generate about $4 million of annualised savings, with R&D guided lower from the fourth quarter.

The exit also removed the loan's collateral, leaving the $54.5 million cash balance unencumbered. At roughly 44.7 million weighted shares, that puts cash at about $1.22 per share — the buffer the bitcoin position used to occupy.

What does the disclosure leave out?

The release gives no cost basis for the 1,099.09 coins, no dates for the sales inside the quarter and no size for the remaining at-the-market capacity. Those omissions are normal for an earnings release, but they limit what can be inferred about management's market view. Selling into a 24.6% fair-value recovery reads as taking the gain while the loan was covered, not a forecast about bitcoin.

The next disclosures will settle whether the exit was one-off repair or the start of a pattern. The 10-Q will carry the sale dates and cost basis the release omits, fourth-quarter gross margin will test whether the 4% print was a launch-cost artifact, and any ATM restart after Jan. 1 would signal the $54.5 million is not enough to fund the 2027 ramp.