KULR Technology Group, a US-listed battery technology company, and The Smarter Web Company, a UK-listed web services group with a Bitcoin treasury strategy, sold approximately 511 BTC and used the proceeds to repay approximately $31.7 million in every-other-day disclosure obligations.
The total amount consists of KULR’s principal repayment of $20 million and Smarter Web’s repayment of exactly $11,698,540. Both companies acted voluntarily and held large Bitcoin reserves. Neither disclosure mentioned any forced liquidation by the lender. A common result is that financing allows assets presented as long-term holdings to be turned into repayment stock without terminating the financial strategy.
According to KULR’s July 24 filing, it sold approximately 333 BTC from July 9 to July 23 at a weighted average price of approximately $64,538, for total proceeds of approximately $21.5 million. The company used the net proceeds to settle all principal under its $20 million Coinbase Credit facility. The accrued interest still had to be calculated at the end of the month and was due to be paid in August 2026.
KULR said the sale was a deliberate move to reduce interest expense and eliminate collateral and liquidation risks. Previous quarterly reports showed the March withdrawal was $5 million with a 7% financing fee and the May withdrawal was $15 million paid monthly with a 7% annual financing fee. KULR expected the promised 565 BTC to be released and reported that approximately 760 BTC is still in the treasury.
A smarter web eliminates maturity and dilution risks
Smarter Web’s July 23 announcement described another deal. At the company’s request and with the support of TOBAM-related bondholders, we sold exactly 177.8909127 BTC for an average price of $65,762 to repay the Smarter Convert approximately two weeks before expiration.
The deadline for zero coupon products was August 5th. At maturity, holders can choose between isolated BTC, its fiat equivalent value, or shares valued at £2.0475. The early repayment eliminates the impending settlement obligation and potential issuance of 7,718,551 shares. Smarter Web held 2,700 BTC.
The company’s April 30 balance sheet listed a separate Coinbase facility, so the conversion repayments alone did not prove Smarter Web was debt-free.
Another Bitcoin finance company provides limited precedent. Nakamoto said in June that he sold about 600 BTC and derivatives and applied $45 million toward debt, while keeping his Bitcoin and leaving him with an outstanding balance of $165 million USDT.
Although these examples do not reveal the identity of the next seller, the pressure points are clear: BTC used for financing, regular loan fees, near maturity, and large number of shares linked to conversion. An SEC filing with another financial firm in July also revealed a 24-hour cure period if a loan’s collateralization ratio falls below 130%.
These characteristics represent the situations in which holding any coin most directly conflicts with debt service, security of collateral, and shareholder dilution. They identify exposed financing structures rather than predicting new sales.
(Tag translation) Bitcoin
