Onchain data published Thursday shows KULR Technology Group (NYSE: KULR), a thermal management and energy storage firm, transferring 300 bitcoin (valued at approximately $24.36 million) into Coinbase Prime. Analysts suggest the move resembles a pre-sale deposit rather than a routine custody change or collateral adjustment.
Key Takeaways
- KULR deposited 300 BTC ($24.36M) into Coinbase Prime on May 13, 2026.
- KULR’s total position stands at 1,021 BTC, purchased at an average price of $98,627 per coin.
- With bitcoin trading near $81,000 at the time, the company faces approximately $17.8 million in unrealized losses on its entire holding.
- The transaction aligns with a broader 2026 trend: non-Strategy corporate bitcoin buying has plunged 99% from its August 2025 peak, per Cryptoquant.
Sale or Collateral?
KULR launched its bitcoin treasury strategy in December 2024 and built up holdings throughout 2025. As of July 2025, the company disclosed a total of 1,021 BTC, acquired for roughly $101 million. However, as bitcoin’s price declined to around $81,000 on May 13, those coins are now sitting on an unrealized loss of about $17.8 million.
Coinbase Prime serves as KULR’s primary bitcoin custodian. In July 2025, the company secured a $20 million credit facility from Coinbase Credit, with loans backed by a portion of its BTC holdings. That could explain the transfer as routine collateral management or a drawdown. But Lookonchain’s pattern analysis indicates the deposit is more consistent with a pre-sale move than a collateral adjustment, as the timing and size match known selling patterns.
2026 Trend Confirmation
Corporate bitcoin buying outside of Strategy has collapsed 99% from its August 2025 peak. In the most recent 30-day window, non-Strategy firms collectively purchased fewer than 1,000 BTC, 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 about 820,000 BTC).
KULR was once among the most committed names in this cohort. It joined Strategy’s “Bitcoin for Corporations” initiative and steadily grew its position to 1,021 BTC after crossing the 920-coin mark in mid-2025. In Q2 2025, the firm reported a net income of $8.14 million, largely driven 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 sharply.
The company has not issued any public statement regarding Wednesday’s Coinbase Prime transfer as of press time.