Onchain data published Wednesday shows KULR Technology Group (NYSE: KULR), a thermal energy management firm, deposited 300 bitcoin (valued at approximately $24.36 million) into Coinbase Prime, the institutional trading and custody arm of Coinbase. The transfer occurred roughly three hours before the alert went live on social media, signaling a possible liquidation.
Position and Unrealized Losses
KULR’s last publicly disclosed bitcoin position stood at 1,021 BTC as of July 2025, accumulated 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, the company is sitting on an unrealized loss of approximately $17.8 million across its full position. Coinbase Prime serves as KULR’s primary bitcoin custodian. The company had secured a $20 million credit facility from Coinbase Credit in July 2025, with loans secured against a portion of its BTC holdings. While routine collateral management or a drawdown against that facility could explain the movement, Lookonchain’s pattern analysis suggests the transfer is consistent with a pre-sale deposit rather than a collateral adjustment.
Broader Corporate Bitcoin Trend in 2026
Corporate bitcoin buying outside of Strategy has collapsed 99% from its August 2025 peak. Non-Strategy firms have collectively purchased fewer than 1,000 BTC in the most recent 30-day window, down from a combined 69,000 BTC at the height of the trend. Strategy, led by Michael Saylor, now controls roughly 76% of all bitcoin held by publicly listed corporate treasuries (with holdings of around 820,000 BTC). KULR was once among the more committed names in this cohort, having joined Strategy’s “Bitcoin for Corporations” initiative and built its holdings through successive purchases across 2025, reaching 1,021 BTC after crossing the 920-coin mark mid-year.
The firm also posted an $8.14 million net income in Q2 2025, driven largely by unrealized bitcoin gains (even though its core operations continued to run at a loss). Now, with bitcoin roughly 18% below KULR’s average entry price, that tailwind has reversed. The company is yet to issue any public statement regarding Wednesday’s Coinbase Prime transfer.