KULR obtains a $20 million credit line from Coinbase to purchase additional Bitcoins
KULR Technology Group, a Bitcoin-first company listed on the NYSE American, has announced a significant move in the cryptocurrency market. The company has secured a $20 million credit facility with a subsidiary of the cryptocurrency exchange Coinbase. This financing marks a renewed commitment to KULR's BTC-first strategy.
The credit facility, from Coinbase Credit, will be a multi-draw facility, allowing KULR to access funds as needed. A portion of the company's Bitcoin holdings will be used to secure this financing.
Since announcing plans to establish a Bitcoin treasury strategy in December, KULR has significantly increased its Bitcoin holdings. As of early June, the company's total Bitcoin holdings stand at 920 BTC, positioning it at 34 among the top 60 public BTC treasury companies.
This move follows a trend among public companies, with many choosing to add Bitcoin to their balance sheets. Some of the top six public Bitcoin treasury companies include MARA Holdings, Riot Platforms, Metaplanet, and Galaxy Digital Holdings.
Notably, MicroStrategy holds the most Bitcoin among public treasury companies with 597,325 BTC. The company has been a pioneer in treating Bitcoin as a primary corporate asset. Other notable Bitcoin holders include Tesla, Block (formerly Square), GameStop, Semler, Marathon Digital Holdings, Riot Platforms, CleanSpark, Hut 8 Mining Corp, Cipher Mining Inc., and Core Scientific.
In a statement, KULR Technology Group CEO Michael Mo said the credit facility gives the company access to non-dilutive capital at a competitive financing rate. This move is expected to further strengthen KULR's position in the Bitcoin market.
KULR has chosen Coinbase Prime as its partner for custody, stablecoin USDC, and self-custodial wallet services. The company plans to use the facility to purchase additional Bitcoin once Coinbase executes the offer.
This announcement comes after Strategy, formerly MicroStrategy, paused its Bitcoin buying after a $14b Q2 windfall. KULR was a member of the Bitcoin for Corporations group led by Strategy. Other companies that have joined the "MicroStrategy" inspired BTC holders include Rumble, DeFi Technologies, and Prenetics.
With this strategic move, KULR joins the growing list of public companies that are embracing Bitcoin as a treasury asset. The company's commitment to its BTC-first strategy is evident in its continued efforts to increase its Bitcoin holdings.
- The credit facility secured by KULR Technology Group, a Bitcoin-first company, from Coinbase Credit will allow KULR to access funds as needed, with a portion of its Bitcoin holdings used as security.
- Since announcing its Bitcoin treasury strategy in December, KULR has significantly increased its Bitcoin holdings, now standing at 920 BTC, placing it at 34 among the top 60 public BTC treasury companies.
- MicroStrategy holds the most Bitcoin among public treasury companies with 597,325 BTC, while other notable Bitcoin holders include Tesla, Block (formerly Square), and Riot Platforms.
- In a statement, KULR Technology Group CEO Michael Mo stated that the credit facility provides the company with non-dilutive capital at a competitive financing rate, a move expected to further strengthen KULR's position in the Bitcoin market.
- KULR has chosen Coinbase Prime as its partner for custody, stablecoin USDC, and self-custodial wallet services, and plans to use the facility to purchase additional Bitcoin once Coinbase executes the offer.
