July 24, 2026 – On-chain data analysis reveals that US-listed company KULR Technology transferred 145.8 Bitcoin (approximately $9.45 million) to Coinbase Prime. Following this transaction, the company’s Bitcoin holdings plummeted from 1,021 BTC three months earlier to just 100 BTC, shrinking its market value from about $101 million to roughly $6.47 million.
This was not a routine asset rebalancing. KULR’s average acquisition cost for Bitcoin was around $98,923, while the average selling price over the past three months was only $74,368—a gap of $24,555 per Bitcoin. The total realized loss amounted to approximately $22.62 million. For a company that, in December 2024, publicly announced plans to allocate up to 90% of its surplus cash reserves to Bitcoin, this marks a complete strategic collapse.
Why Did KULR’s Bitcoin Treasury Strategy Collapse After Reaching Its Narrative Peak?
On December 4, 2024, KULR Technology officially launched its Bitcoin treasury strategy, committing up to 90% of its surplus cash reserves to Bitcoin investments. At the time, MicroStrategy (later renamed Strategy) was being hailed as the benchmark for corporate Bitcoin holdings, and the Bitcoin treasury narrative became a new way for public companies to boost valuations and attract capital market attention.
KULR’s buying pace was aggressive. On January 4, 2025, the company purchased its first batch of 213.43 BTC at a weighted average price of about $98,393.58. Over the following months, KULR continued to accumulate: in February, holdings reached 610.3 BTC; in March, it added 56.3 BTC to total 668.3 BTC; by May, holdings were at 800 BTC; and in June, they increased to 920 BTC. In July 2025, KULR announced it held 1,021 BTC, with a total value of approximately $101 million and a weighted average cost of $98,923.
It took KULR only about seven months to go from announcing its strategy to reaching its peak holdings. This rapid accumulation was closely tied to optimistic expectations for the Bitcoin price—during the first half of 2025, Bitcoin was generally trending upward, and KULR even recorded substantial unrealized gains. However, when the market reversed, the company’s aggressive position management exposed its vulnerabilities.
How Was the $22.62 Million Loss Gradually Realized?
KULR’s sell-off was not a one-time liquidation but a gradual process that lasted nearly three months. Starting around April 2026, the company began transferring Bitcoin to Coinbase Prime—a trading and custody platform for institutional clients—and completed its sales.
Each sale locked in losses. The difference between the average buy price of $98,923 and the average sell price of $74,368 meant that every Bitcoin sold incurred an average loss of $24,555. Of the 1,021 BTC held, all but the last 100 were sold at a loss, totaling approximately $22.62 million in realized losses.
This scale of loss had a significant impact on KULR’s financials. Public data shows that KULR’s total revenue in 2025 was about $16.1 million, and Q1 2026 revenue was roughly $4.846 million, with a net loss of $28.12 million. The $22.62 million loss from Bitcoin trading equates to 140% of its annual revenue—a heavy blow for a mid-sized, growth-stage public company.
From $101 Million to $6.47 Million: A Rapid Contraction of Holdings
KULR’s Bitcoin holdings can be clearly outlined with the following data:
- July 2025 (peak): 1,021 BTC, market value about $101 million
- Around April 2026: Gradual sell-off began
- July 24, 2026: 100 BTC, market value about $6.47 million
- Reduction in holdings: Over 90%
- Total realized losses: About $22.62 million
Even more notable are the signals of a strategic shift. On-chain analysis indicates that KULR has removed its Bitcoin holdings page from its official website and ceased posting Bitcoin-related content on social media. For a company that once promoted its Bitcoin treasury as a core narrative, these actions represent a substantive abandonment of strategy, not merely a portfolio adjustment.
Divergence Between Mainstream Players and Fringe Participants: Comparing KULR and Strategy
Placed in a broader industry context, the divergence is stark.
As of July 2026, the world’s largest corporate Bitcoin holder, Strategy (formerly MicroStrategy), owned 843,775 BTC, with a cumulative investment of about $63.69 billion and an average cost of $75,476 per Bitcoin. Despite facing significant unrealized losses at current prices, Strategy maintains its Bitcoin treasury narrative thanks to its massive holdings, ongoing financing capability, and years of established market credibility.
Meanwhile, the total market value of Bitcoin held by treasury companies worldwide has shrunk from $396 billion in October 2025 to $272 billion, wiping out over $100 billion. Yet, the total number of Bitcoins held by these companies has increased from 953,000 to 1.14 million—more companies are buying, but falling asset prices have eroded market value.
KULR’s situation stands in sharp contrast. Rather than passively enduring unrealized losses, it actively sold at low prices, locking in losses and exiting the market. This "buy high, sell low" approach fundamentally differs from Strategy’s decision to hold despite unrealized losses. For capital markets, this difference signals a rigorous selection process for the Bitcoin treasury narrative—only those with sufficient scale, financing capability, and strategic resolve will remain at the table.
Structural Cracks in the Bitcoin Treasury Narrative Are Widening
KULR’s case is not an isolated event. In the first half of 2026, Bitcoin treasury companies faced a systemic stress test.
Strategy recorded $14.46 billion in unrealized losses in Q1 2026, with a GAAP net loss of $12.54 billion. Japanese-listed Metaplanet posted an ordinary loss of about $725.6 million in Q1 FY2026 after Bitcoin prices fell roughly 24%. Another Nasdaq-listed company, Empery Digital, bought 1,400 BTC at an average price of $117,500 and sold at around $62,200.
These cases highlight a structural reality: the viability of Bitcoin treasury strategies is heavily dependent on the directional movement of Bitcoin prices. During bull markets, Bitcoin reserves can amplify asset flexibility and even become highlights in financial reports. When the market turns, unrealized losses directly impact the income statement, and forced sell-offs further confirm losses and erode shareholder equity.
KULR’s choice—to liquidate holdings at a loss—reveals a core dilemma for mid-sized public companies: they lack the financing capacity and market credibility of Strategy to "ride out" the cycle. When Bitcoin prices fall and market sentiment cools, these companies face a tough decision—holding means enduring ongoing unrealized losses and balance sheet pressure, while selling means confirming losses and abandoning the narrative. KULR chose the latter.
Three Takeaways for Public Companies Holding Bitcoin Reserves
KULR’s reduction from 1,021 BTC to 100 BTC offers several lessons for other companies considering or executing Bitcoin treasury strategies.
First, position management must align with risk tolerance. KULR allocated up to 90% of surplus cash reserves to a single asset and disclosed no hedging or risk management mechanisms during its accumulation phase. When Bitcoin prices fell from their 2025 highs, this concentration risk quickly translated into substantial losses. For mid-cap companies, betting most liquidity reserves on a single volatile asset is essentially a balance sheet gamble on market direction.
Second, there is a rigid constraint between strategic narrative and financial reality. The value of the Bitcoin treasury narrative depends on expectations of continued accumulation or at least holding. If a company is forced to sell due to liquidity pressure or risk concerns, the narrative collapses—further undermining market confidence. KULR’s removal of its Bitcoin page and cessation of related social media posts was a deliberate break from its previously constructed narrative.
Third, timing determines strategic flexibility. KULR’s accumulation was concentrated in the first half of 2025, with an average price of $98,923—right at Bitcoin’s historical peak. When the market entered a downtrend in late 2025 and 2026, there was virtually no window for profitable exits. The timing of entry largely dictates a company’s strategic options when the market reverses.
Conclusion
KULR Technology’s Bitcoin treasury strategy went from a high-profile announcement to near-total liquidation in about 19 months. The reduction from 1,021 BTC to 100 BTC, the cost-to-exit price gap from $98,923 to $74,368, and the $22.62 million in realized losses together outline a complete cycle of strategic failure.
The value of this case lies not only in its financial loss but also in providing a clear stress test for the Bitcoin treasury narrative as a corporate strategy. When a once-popular bull-market strategy faces a trend reversal, mid-sized participants lacking scale, financing, and risk management are the first to feel the impact. Bitcoin treasury as a corporate strategy is shifting from a "narrative-driven" phase to a "strength-tested" phase—and KULR’s experience shows that not all players will survive the test.
FAQ
Q: How much did KULR Technology lose in total?
According to on-chain data, KULR’s average Bitcoin acquisition cost was about $98,923, and the average selling price was $74,368, resulting in total realized losses of approximately $22.62 million.
Q: How much Bitcoin does KULR have left?
As of July 24, 2026, KULR’s Bitcoin reserves have dropped to 100 BTC, with a market value of about $6.47 million.
Q: Why did KULR reduce its Bitcoin holdings?
KULR has not issued an official statement on this matter. However, on-chain data shows ongoing sell-offs, removal of the Bitcoin holdings page from its website, and cessation of Bitcoin-related content on social media—all suggesting the company has effectively abandoned its Bitcoin treasury strategy.
Q: Are other public companies also reducing their Bitcoin holdings?
Yes. In July 2026, Strategy sold 3,588 BTC. Multiple Bitcoin treasury companies are facing varying degrees of holding pressure. Since October 2025, the total market value of Bitcoin held by treasury companies worldwide has evaporated by over $100 billion.
Q: Does the Bitcoin treasury strategy still have a future?
The Bitcoin treasury strategy as a corporate approach has not been completely invalidated but is undergoing structural differentiation. Large players like Strategy, with scale advantages and sustained financing capability, continue to uphold the framework. However, KULR’s case demonstrates that mid-sized companies lacking sufficient risk tolerance and capital reserves face significant risks when implementing this strategy.
