KULR Technology Group, a Bitcoin-first company listed on NYSE American, announced a $20 million credit facility with a subsidiary of cryptocurrency exchange Coinbase. The funds will be used to acquire additional Bitcoin.
Terms of the Credit Agreement
KULR stated that the $20 million credit facility is provided by Coinbase Credit and will be offered as a multi-draw facility. The company plans to utilize these funds to purchase Bitcoin once Coinbase executes the offer.
KULR's Bitcoin Acquisition Strategy
Previously, KULR expressed its intention to allocate up to 90% of its cash surplus toward acquiring Bitcoin as a treasury asset. Securing this financing marks a reaffirmation of their commitment to a Bitcoin-first strategy.
Bitcoin Treasury Market
Since its initial announcement to purchase Bitcoin in December 2024, KULR has significantly increased its Bitcoin holdings, rising from 430 BTC in January to 920 BTC by June. The company is a member of the Bitcoin for Corporations group led by Strategy, formerly known as MicroStrategy.
In light of current market conditions, KULR Technology Group is strengthening its position in the Bitcoin market by collaborating with Coinbase and expanding its treasury reserves. This credit agreement highlights the company's strategic approach to financing and growth.
