KULR Technology Group, Inc., a Bitcoin First Company and global leader in sustainable energy management, announced today that it has secured a $20 million credit facility with Coinbase Credit, Inc., a subsidiary of Coinbase Global, Inc..
U.S.-listed shares of the company rose 17% in Tuesday trading.
"This marks KULR ’ s first bitcoin-backed credit facility, giving us access to non-dilutive capital at a competitive financing rate," said Michael Mo, CEO of KULR. "It reflects our commitment to diversifying our funding sources as we continue to execute on long-term growth strategies to drive shareholder value."
In 2024, KULR selected Coinbase ’ s Prime platform to provide custody, USDC, and self-custodial wallet services for its Bitcoin holdings. At present, eight of the ten largest publicly traded companies with bitcoin on their balance sheets utilize Coinbase Prime for similar services.
Amounts borrowed under the credit facility will be secured by a portion of the Company ’ s total bitcoin holdings.
About KULR Technology Group, Inc.
KULR Technology Group, Inc. is a Bitcoin First Company that delivers cutting edge energy storage solutions for space, aerospace, and defense by leveraging a foundation of in-house battery design expertise, comprehensive cell and battery testing suite, and battery fabrication and production capabilities. The Company ’ s holistic offering allows delivery of commercial-off-the-shelf and custom next generation energy storage systems in rapid timelines for a fraction of the cost compared to traditional programs. Since late 2024, KULR has included bitcoin as a primary asset in its treasury program and committed to allocating up to 90% of its excess cash to the acquisition of bitcoin.
