HOUSTON, May 13, 2026, 17:01 (CDT)
KULR Technology Group Inc. was back in the spotlight Wednesday after blockchain analytics account Lookonchain flagged a deposit of 300 bitcoin—worth roughly $24.36 million—by the company into Coinbase Prime, the exchange’s institutional platform. According to Lookonchain, KULR “appears to be selling” BTC, market parlance for bitcoin, though they also noted that simply moving coins to a prime broker like Coinbase Prime doesn’t confirm a sale. X (formerly Twitter)
KULR shares jumped to $4.05, gaining roughly 26.8% on the day. The stock moved in a range from $3.18 to $4.55, with more than 6.5 million shares changing hands. That kind of volume snapped a lull for the battery and thermal-management player, landing the small-cap back in the spotlight.
Timing’s tight here. KULR plans to drop its first-quarter numbers ahead of a Thursday, May 14 conference call scheduled for 4:30 p.m. ET, according to last week’s announcement. That leaves investors just one day to figure out if the Bitcoin action was a sale, a move for collateral, a custody switch—or something else entirely.
KULR, known for battery safety and thermal management gear used in sectors from defense to data centers, caught investors’ eyes late 2024 with a pivot to Bitcoin. The company disclosed a purchase of 217.18 bitcoin, spending roughly $21 million, and outlined plans to move as much as 90% of its excess cash into BTC.
The strategy takes on added significance in the latest annual report. As of March 27, KULR reported holding 1,000.99 purchased bitcoins, picked up for about $100.7 million—an average price close to $100,600 each. The company also mined another 81.72 bitcoins. Bitcoin traded at $65,995 that day, according to the filing.
The accounting stands out. KULR posted a net loss of $44.3 million for the fourth quarter of 2025, with $28.3 million of that coming from a mark-to-market loss on its Bitcoin stash. The mark-to-market approach forces KULR to show swings in Bitcoin’s value right in its results—no waiting for an actual sale.
KULR isn’t boxing itself in. The annual report spells out that while Bitcoin is seen as a long-term asset, the company could unload BTC for corporate needs, factor it into tax plans, use it to raise cash, or look for other ways to monetize the stash. That same filing also flags the risks: swings in Bitcoin prices and issues with custody might weigh on both results and the stock.
MicroStrategy—now going by Strategy—still dominates the public-company Bitcoin treasury landscape. CoinGecko’s data shows 187 institutions holding a combined 1.85 million BTC, about $147 billion, with Strategy alone accounting for 818,869 BTC, the most among public corporations. KULR doesn’t come close to that scale, but its stock is now swept up in the ongoing tug-of-war among investors about traditional firms that maintain exposure to crypto’s price swings.
Prediction markets lacked a clear signal for KULR, but Bitcoin markets suggested near-term uncertainty remains. Polymarket placed most bets on Bitcoin falling between $78,000 and $80,000 for May 14, and Kalshi’s odds implied around a 41% chance Bitcoin would hit $80,000 or higher by Friday at 5 p.m. EDT.
The bear scenario is straightforward. Should KULR offload into softer Bitcoin prices, it might signal that shoring up liquidity or managing risk has taken priority over the “long-term holdings” wording in its filing. If no sale happened, though, traders might still push for more transparency—Coinbase Prime deposits from a visible corporate name like this usually set rumor mills spinning quickly among crypto players.
KULR keeps steering investors’ attention back to its core business. On April 29, the company announced it had secured close to $1 million in initial orders for defense drone batteries from a U.S. defense tech client—management expects total purchase orders from that same customer could top $5 million in 2026. Chief Executive Michael Mo described the deal as a milestone for KULR’s entry into the domestic drone and UAV space.
In March, finance chief Shawn Canter pointed to a 39% jump in product revenue as KULR leans further into a scalable, product-driven approach, despite losses that reflect both non-cash items and deliberate investment in growth. The call on Thursday carries a double mandate: break down the quarter and spell out how KULR is handling its Bitcoin.
