Analysis dated 2026-10-20. Every figure from SEC filings or company releases; computed figures are marked calc.
KULR Technology Group (NYSE American: KULR) adopted bitcoin as its primary treasury reserve asset on December 4, 2024. Twenty-one months later it holds none:
2026-09-11 — Form 8-K (Items 2.01/5.02): between August 20 and September 11, 2026 the company sold its remaining ~764 BTC at a weighted average of ~$76,633 for ~$58.6M gross, stating: “The Bitcoin Sales represented all of the Company’s remaining BTC holdings, and as of the date of this report, the Company no longer holds BTC.”
This is the full arc, from the filings: an ATM-funded accumulation to a peak of 1,091.69 BTC, a board decision to sell the treasury to fund the operating business, and an exit roughly $30M under the stack’s cost basis.
| Date | BTC | Cost basis | Fair value |
|---|---|---|---|
| Dec 31, 2024 | 217.18 | $21.0M | $20.3M |
| Dec 31, 2025 | 1,074.21 | $108.5M | $94.0M |
| Jun 30, 2026 | 1,091.69 | $109.8M | $63.9M |
| Sep 11, 2026 | 0 | — | — |
Sources: FY2025 10-K (filed 2026-03-31); Q2 2026 10-Q (filed 2026-08-13); 8-K 2026-09-11. Average cost at peak ≈ $100,579/BTC (calc). At June 30, 565 of the 1,091.69 BTC were pledged as collateral on the company’s Coinbase credit facility.
Not from operations — the operating business was cash-negative in every period. KULR’s own 10-Q MD&A footnote states it plainly: “The source of capital used to purchase Bitcoin was primarily proceeds from ATM offerings.”
| Channel | Amount | Note |
|---|---|---|
| ATM equity, FY2024 | $61.9M gross | Pre-program ATM agreements (10-K equity statement) |
| ATM equity, FY2025 | $123.2M gross | $119.7M net of $3.5M issuance costs |
| BTC purchases, FY2025 | $79.7M | 783.81 BTC at $101,683 average |
| Coinbase credit facility | up to $20M | BTC-collateralized; $20M drawn by May 2026 |
The June 9, 2025 ATM program was announced at up to $300M and cut to $150M that September; the 424B5 supplement shows only ~$23.0M gross was ever raised under it. Share count (post-split basis) went from 33,083,812 at Dec 31, 2024 to 46,280,322 at Aug 11, 2026 — +39.9% (calc) — including a 1-for-8 reverse split in June 2025 along the way. The company also marketed a self-defined “BTC Yield” KPI, reported at 291.2% in July 2025 alongside a claimed 2.24 mNAV. The yield measured the stack growing; it did not measure what each share’s slice of it did.
The reversal was disclosed in plain language, in order, through formal channels:
Total 2026 sale proceeds ≈ $80.1M (calc) against a June 30 cost basis of $109.8M — an exit roughly $30M under cost (calc; mined coins entered the stack at production cost, so treat the figure as approximate). The Q2 2026 10-Q’s MD&A closes the strategy in the company’s own words: “for the foreseeable future, we do not expect to allocate surplus cash to BTC as we prioritize scaling our operating business.”
The treasury sat on top of a small, shrinking operating business. FY2025 revenue was $16.2M against a net loss of $61.9M and operating cash burn of $44.9M. Q2 2026 revenue fell to $2.08M (from $3.65M a year earlier) with $17.7M of operating cash used in the first half of 2026. Cash at June 30, 2026 was $12.8M; the BTC liquidation is what refilled the balance sheet. At $1.76 on October 20, 2026, the market capitalization is ≈ $81.5M (calc) — roughly the cash the exit raised, with the battery business attached.
Governance note: CEO Michael Mo holds the Series A Voting Preferred — 1,000,000 shares at 100 votes each — for 70.28% of total voting power (10-K, Item 12). The accumulation, the leverage, and the liquidation were all, structurally, one person’s call.
Our internal claim ledger logged 21 KULR entries for Dec 2024 – Sep 2026 — 20 management claims plus one financing disclosure — scored under the v1.1 taxonomy. The pattern is the useful part: execution trust 2/2 and high-materiality trust 3/3 on resolved actionable claims — deploy the miners, draw the loan and buy, stop buying, sell everything — against strategic trust 1/2, where the miss was an identity-level target (1.25 EH/s of mining capacity, never reported reached). Every resolved miss across all classes was a claim about the strategy’s payoff: the treasury “strengthening the financial position,” the “Bitcoin First” turbocharge, “long-term holdings.” KULR kept its machinery promises and whiffed its prophecy promises — and, to its credit, it telegraphed the reversal on earnings calls months before the final 8-K. A strategy-reverser, not a storyteller.
Sources: KULR FY2025 10-K (filed 2026-03-31); Q2 2026 10-Q (filed 2026-08-13); Form 8-K Items 2.01/5.02 (filed 2026-09-11, Acc. 0001104659-26-107130); 424B5 prospectus supplement (2025-09-30); company press releases Dec 2024 – Jun 2026; earnings-call transcripts Q4 2025 – Q2 2026. Market price and capitalization observed October 20, 2026.