Two Public Firms Sold 511 BTC to Repay $31.7M

KULR Technology Group and The Smarter Web Company sold a combined roughly 511 BTC in July and used the proceeds to retire about $31.7 million in obligations, according to their securities filings published July 23–24.

KULR disclosed it sold approximately 333 BTC between July 9 and July 23 at a weighted-average price near $64,538, generating about $21.5 million in gross proceeds. The company applied net proceeds to repay all principal under a $20 million Coinbase credit facility. Accrued interest on that facility was to be calculated at month-end and expected to be paid in August 2026. KULR reported about 760 BTC remaining in its treasury and said roughly 565 pledged BTC were expected to be released. Earlier filings showed a March $5 million draw and a May $15 million draw on the Coinbase facility, each carrying a 7% financing charge.

The Smarter Web Company disclosed it sold 177.8909127 BTC at an average price of about $65,762 to repay a zero-coupon convertible instrument known as Smarter Convert, roughly two weeks before the note’s August 5 maturity. The company disclosed the repayment amount as £9.5 million (about $11,698,540). The convertible would have allowed holders at maturity to receive segregated BTC, the fiat-equivalent value, or shares convertible at £2.0475; early repayment removed the imminent settlement choice and the potential issuance of 7,718,551 shares. Smarter Web said the transaction occurred at its request with support from TOBAM-related noteholders and reported retaining 2,700 BTC after the sale. A separate Coinbase facility appeared on Smarter Web’s April 30 balance sheet, so the convert repayment did not indicate the company had no remaining debt.

Taken together, the two companies sold about 511 BTC and allocated the proceeds to retire approximately $31.7 million in obligations. Both firms described the transactions as voluntary and not lender-forced, and each retained sizable bitcoin reserves after the sales.

Other recent filings by public companies with bitcoin treasuries have disclosed loan features such as a 24-hour cure window after a loan’s collateral ratio falls below 130%. In June, a different issuer disclosed selling about 600 BTC plus related derivatives and applying roughly $45 million to debt while retaining a bitcoin position and holding material USDT obligations.