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Onchain data published Wednesday shows KULR, a thermal management and energy storage technology company, moving 300 bitcoin into Coinbase Prime, a transfer analysts say looks less like a custody shuffle and more like a sell.
KULR Technology Group (NYSE: KULR) deposited 300 bitcoin—valued at approximately $24.36 million—into Coinbase Prime, Coinbase’s institutional trading and custody arm, on Wednesday. The transfer took place roughly three hours before the alert went live on X, which analysts cited as a potential liquidation signal.
KULR’s last publicly disclosed position stood at 1,021 BTC as of July 2025. The company accumulated the holdings for a combined outlay of roughly $101 million, at an average cost of $98,627 per coin. With bitcoin trading near $81,000 at the time of the deposit, KULR was reportedly facing an unrealized loss of approximately $17.8 million across its full position.
Coinbase Prime is KULR’s primary bitcoin custodian. In July 2025, KULR secured a $20 million credit facility from Coinbase Credit, with loans secured against a portion of its BTC holdings. A routine collateral adjustment or a drawdown against the facility could explain the movement, but Lookonchain’s pattern analysis suggests the transfer could align with a pre-sale deposit rather than a collateral change.
Corporate bitcoin buying outside of Strategy has fallen sharply. The article reports that non-Strategy firms collectively purchased fewer than 1,000 BTC in the most recent 30-day window, down from a combined 69,000 BTC at the August 2025 peak. Strategy, led by Michael Saylor, is said to control roughly 76% of all bitcoin held by publicly listed corporate treasuries, with holdings of around 820,000 BTC.
KULR had been among the more active names in this category, joining Strategy’s “Bitcoin for Corporations” initiative and building its holdings through successive purchases across 2025, reaching 1,021 BTC after crossing the 920-coin mark mid-year.
The firm reported $8.14 million in net income in Q2 2025, driven largely by unrealized bitcoin gains, even as its core operations continued to run at a loss. However, with bitcoin reportedly about 18% below KULR’s average entry price, the article suggests that this tailwind may have reversed.
KULR has not yet issued a public statement regarding Wednesday’s Coinbase Prime transfer.
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