Onchain data published Wednesday shows KULR, a tech company focused on thermal management and energy storage, moving 300 bitcoin into Coinbase Prime, a transfer analysts say looks less like a custody shuffle and more like a sell.
KULR Technology Deposits 300 BTC Into Coinbase Prime as Unrealized Losses Near $18 Million
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Key Takeaways
SALE OR COLLATERAL?
KULR Technology Group (NYSE: KULR), the thermal energy management firm that launched a bitcoin treasury strategy in December 2024, deposited 300 bitcoin (valued at approximately $24.36 million) into Coinbase Prime, the institutional trading and custody arm of Coinbase, on Wednesday. The transfer occurred roughly three hours before the alert went live on X, pointing to the movement as a possible liquidation signal.
KULR’s last publicly disclosed position stood at 1,021 BTC as of July 2025, accumulated for a combined outlay of roughly $101 million at an average cost of $98,627 per coin. And, with bitcoin trading near $81,000 at the time of the deposit, the company is sitting on an unrealized loss of approximately $17.8 million across its full position.
Coinbase Prime serves as KULR’s primary bitcoin custodian, and the company secured a $20 million credit facility from Coinbase Credit in July 2025, with loans secured against a portion of its BTC holdings. Routine collateral management or a drawdown against that facility could explain the movement, but Lookonchain’s pattern analysis suggests the transfer could be consistent with a pre-sale deposit rather than a collateral adjustment.
FITTING A 2026 PATTERN
Corporate bitcoin buying outside of Strategy has collapsed 99% from its August 2025 peak, with non-Strategy firms having collectively purchased fewer than 1,000 BTC in the most recent 30-day window, down from a combined 69,000 BTC at the height of the trend. Strategy, led by Michael Saylor, now controls roughly 76% of all bitcoin held by publicly listed corporate treasuries (with holdings of around 820,000 BTC).
KULR was once among the more committed names in this cohort, with the company having joined Strategy’s “ Bitcoin for Corporations” initiative and built its holdings through successive purchases across 2025, reaching 1,021 BTC after crossing the 920-coin mark mid-year.
The firm also posted an $8.14 million net income in Q2 2025, driven largely by unrealized bitcoin gains (even though its core operations continued to run at a loss). But now, with bitcoin roughly 18% below KULR’s average entry price, that tailwind seems to have reversed.
The company is yet to issue any public statement regarding Wednesday’s Coinbase Prime transfer.
