Battery Technology Company Unwinds Crypto Strategy

KULR Technology Group has exited Bitcoin mining, repaid a $20 million Coinbase credit facility, and begun liquidating its cryptocurrency holdings as the battery technology company redirects capital toward its core business.

The company sold approximately 333 BTC for $21.5 million after June 30, 2026, according to filings reviewed by CryptoSlate. KULR also terminated a second mining contract early in July, paying $150,000 to exit an agreement originally scheduled through October 2027. A first mining contract expired July 30.

Mike Kimel, KULR’s Chief Financial Officer, said the company is reducing its Bitcoin position in a “deliberate and disciplined manner” to lower balance-sheet volatility and concentrate capital on its energy platform. “Bitcoin’s volatility was making KULR’s underlying battery business harder for shareholders to assess,” Kimel said.

The retreat marks a sharp reversal from late 2024, when KULR’s board approved a Bitcoin accumulation strategy allowing up to 90% of surplus cash to be deployed into cryptocurrency. In the first half of 2025, the company purchased 693.81 BTC for $69.9 million. KULR made no Bitcoin purchases in the first half of 2026.

At June 30, KULR held 1,091.69 BTC valued at $63.92 million, down from a cost basis of $109.8 million. The company had drawn $5 million from the Coinbase facility in March and $15 million in May, both now repaid. KULR pledged 565 BTC against the credit facility, worth $33.1 million at quarter-end.

Mining operations generated 8.44 BTC in Q2 2026, down from 11.25 BTC in the same quarter last year. Mining revenue fell to $606,000 from $1.12 million year-over-year. For the first half of 2026, KULR produced 17.23 BTC worth $1.27 million, compared to 14.22 BTC generating $1.37 million in the first half of 2025.

KULR recorded a $10.59 million non-cash Bitcoin fair-value loss during Q2 2026. The company’s overall financial performance deteriorated: revenue fell 43% to $2.08 million in Q2, while operating loss widened 19% to $11.2 million, resulting in a net loss of $21.97 million for the quarter.

The company’s $2.1 million in remaining mining commitments have been eliminated following the contract terminations. KULR’s disclosed remaining Bitcoin position after the 333 BTC sale stands at 760 BTC.