KULR Technology Group has successfully secured a $20 million Bitcoin-backed credit facility with Coinbase Credit. This move highlights the growing interest in cryptocurrency utilization in corporate financing.
Deal with Coinbase Credit
KULR Technology Group has secured a $20 million credit from Coinbase Credit, a subsidiary of Coinbase Global, Inc. The credit structure allows for a multi-draw loan, enabling KULR to access funds progressively while maintaining shareholder value.
Market Reaction
Following the announcement, KULR shares surged by 23%. CEO Michael Mo emphasized the importance of the Bitcoin-backed credit facility for accessing competitive financing rates. However, there has been no follow-up from industry leaders or regulators.
The Future of Corporate Bitcoin Adoption
Bitcoin continues to gain traction among large companies, inspired by players like MicroStrategy. KULR's recent agreement with Coinbase could prompt other firms to explore Bitcoin-backed financing options.
The KULR Technology Group's deal with Coinbase Credit opens new pathways for corporate utilization of Bitcoin in financing, potentially influencing future regulatory dynamics and institutional interest.
