On-chain data reveals that KULR Technology (NYSE: KULR), a thermal management and energy storage firm, deposited 300 Bitcoin (approximately $24.36 million) into Coinbase Prime on Wednesday, May 13, 2026. Analysts suggest the transfer appears more consistent with a pre-sale deposit than a routine custody move.
Unrealized Losses Mount
According to the company’s last public disclosure (July 2025), KULR holds a total of 1,021 BTC acquired at an aggregate cost of roughly $101 million, with an average purchase price of $98,627 per coin. With Bitcoin trading near $81,000 at the time of the transfer, the firm faces an unrealized loss of approximately $17.8 million on its entire position.
Sale vs. Collateral Adjustment
Coinbase Prime serves as KULR's primary custodian. In July 2025, the company secured a $20 million credit facility from Coinbase Credit, with loans collateralized by part of its Bitcoin holdings. While the transfer could be explained by routine collateral management or a drawdown, blockchain analytics firm Lookonchain noted that the pattern better aligns with a deposit before selling rather than a collateral adjustment.
Echoing a Broader Corporate Trend
Data from Cryptoquant shows that corporate Bitcoin purchases (excluding Strategy) have plunged 99% from the August 2025 peak. In the latest 30-day period, non-Strategy firms bought fewer than 1,000 BTC in total, compared to a high of 69,000 BTC during the rally. Strategy, led by Michael Saylor, now controls about 76% of all publicly traded corporate Bitcoin holdings, with roughly 820,000 BTC.
KULR was once an enthusiastic participant in Strategy's “Bitcoin for Corporations” initiative, steadily increasing its position through multiple purchases throughout 2025, eventually surpassing 920 coins and reaching 1,021 BTC. In Q2 2025, the company reported $8.14 million in net income, primarily driven by unrealized Bitcoin gains, though its core operations remained unprofitable. With Bitcoin now trading roughly 18% below KULR’s average entry price, that supportive factor appears to have reversed.
The company has not yet issued a public statement regarding the Wednesday transfer to Coinbase Prime.