KULR Technology Group has come under fresh market scrutiny after on-chain data showed the company moved 300 BTC to Coinbase Prime, a transfer worth about $24.36 million at the time. Because Coinbase Prime serves as an institutional trading, custody, and financing platform, analysts said the transaction looks more like a possible pre-sale deposit than a simple internal custody transfer.
Transfer raises questions over a potential sale
The reported transfer took place on May 13, 2026, roughly three hours before the alert began circulating on X. While a movement to Coinbase Prime does not by itself confirm that KULR sold any bitcoin, Lookonchain said the pattern appears more consistent with a pre-sale deposit than with a routine collateral reshuffle.
KULR’s last publicly disclosed bitcoin position stood at 1,021 BTC. As of July 2025, the company had spent about $101 million building that treasury position, with an average acquisition cost of roughly $98,627 per BTC. With bitcoin trading near $81,000 when the transfer occurred, KULR’s total position was carrying an estimated unrealized loss of around $17.8 million.
The move could also be tied to financing
That said, the transaction does not necessarily mean KULR was actively selling. Coinbase Prime is already the primary custodian for the company’s bitcoin holdings. In July 2025, KULR also secured a $20 million credit facility from Coinbase Credit, backed by part of its BTC reserves. That leaves open the possibility that the 300 BTC transfer was related to collateral management or a drawdown tied to that facility.
Without an official company statement, the exact purpose of the transfer remains unclear. As of the report, KULR had not publicly commented on the 300 BTC movement to Coinbase Prime.
Part of a broader slowdown in corporate BTC buying
The transfer also fits into a wider 2026 backdrop in which corporate bitcoin accumulation has cooled sharply outside of Strategy. According to CryptoQuant, non-Strategy corporate BTC purchases have fallen 99% from the August 2025 peak. Over the last 30 days, companies outside Strategy bought fewer than 1,000 BTC combined, compared with 69,000 BTC at the height of the trend.
Meanwhile, Michael Saylor’s Strategy now holds about 820,000 BTC, representing roughly 76% of all bitcoin held by public-company treasuries. KULR had previously been one of the more aggressive adopters in that group and joined Strategy’s “Bitcoin for Corporations” initiative. With bitcoin trading about 18% below KULR’s average entry price, the latest transfer is likely to intensify questions about whether the company is reassessing its bitcoin treasury strategy.