Another public company abandons Bitcoin playbook after treasury volatility drove $22 million loss

KULR Technology Group has exited Bitcoin mining, repaid its Coinbase debt, and begun selling its BTC holdings as the battery technology company shifts capital back toward its core business.

The retreat marks a sharp reversal from the Bitcoin accumulation strategy KULR launched in late 2024, which allowed up to 90% of surplus cash to be deployed into the cryptocurrency.

KULR purchased no Bitcoin during the first half of 2026 after spending $69.9 million to acquire 693.81 BTC during the same period last year. Its board has also made the remaining treasury available to fund operations, effectively turning Bitcoin from an accumulation asset into a potential source of corporate liquidity.

Chief Financial Officer Mike Kimel said the strategy had provided financial flexibility, but Bitcoin's volatility was making KULR's underlying battery business harder for shareholders to assess.

The company recorded a $10.59 million non-cash Bitcoin fair-value loss during the second quarter, contributing to a $21.97 million net loss. Revenue fell 43% to $2.08 million, while the operating loss widened 19% to $11.2 million.

Since quarter-end, Kimel said KULR has been reducing its Bitcoin position in a “deliberate and disciplined manner” to lower balance-sheet volatility and concentrate capital on its energy platform. He also noted that the company issued no shares through its at-the-market program during the first half of the year.