KULR and Smarter Web sell 511 BTC to repay $31.7M

Two public companies sold about 511 Bitcoin within a day of each other, turning part of their treasury holdings into $31.7 million for debt repayment. Both acted voluntarily and kept substantial BTC reserves, showing how financing arrangements can make treasury assets available for repayment without ending the strategy.

KULR Technology Group sold about 333 BTC between July 9 and July 23 at an average price of roughly $64,538. The sale generated about $21.5 million in gross proceeds, which the company used to clear the $20 million principal on its Coinbase Credit facility. Interest remained payable at the end of July and was expected to be settled in August. KULR said the move would reduce interest costs and remove collateral and liquidation risk. About 565 pledged BTC were expected to be released, while its treasury held around 760 BTC.

The Smarter Web Company sold 177.8909127 BTC at an average of $65,762. It used the proceeds to repay a zero-coupon convertible note roughly two weeks before its August 5 maturity date. The early settlement avoided a possible issue of 7,718,551 shares. Smarter Web retained 2,700 BTC, although a separate Coinbase facility remained on its April balance sheet.

The sales highlight pressure points for Bitcoin treasury companies: pledged collateral, recurring borrowing costs, approaching maturities, and potential shareholder dilution.