KULR Moves 300 BTC to Coinbase Prime, Faces $17.8M Loss

KULR Technology Group moved 300 bitcoin into Coinbase Prime, the exchange’s institutional trading and custody service, on May 13, 2026. Onchain records show the transfer occurred roughly three hours before a public alert was posted.

Records list KULR’s publicly disclosed position at 1,021 BTC, accumulated at an average price near $98,627 per coin for a combined acquisition cost of about $101 million. Bitcoin traded around $81,000 at the time of the deposit, leaving the company’s full position with approximately $17.8 million in unrealized losses.

Coinbase Prime serves as KULR’s primary custodian. In July 2025 the company secured a $20 million credit line from Coinbase Credit, with loans backed by part of its bitcoin holdings. Analysts who track onchain patterns flagged the May 13 transfer as more consistent with a pre-sale deposit than a routine custody shuffle; pattern analysis by blockchain monitors matched behaviors seen before institutional sell orders.

Industry data show corporate bitcoin buying outside of the “Strategy” cohort declined sharply in 2026. Non-Strategy corporate purchases fell about 99% from an August 2025 peak, with firms buying fewer than 1,000 BTC in the most recent 30-day window compared with roughly 69,000 BTC at the height of the trend. The Strategy program now holds roughly 76% of bitcoin reported by publicly listed companies, about 820,000 BTC.

KULR joined the Strategy initiative and accumulated bitcoin through purchases in 2025, surpassing 920 BTC midyear and later reaching 1,021 BTC. The company reported $8.14 million in net income in Q2 2025, driven mainly by unrealized bitcoin gains while its thermal-management business remained unprofitable. With bitcoin trading about 18% below KULR’s average entry price, those paper gains have reversed into unrealized losses.

KULR has not issued a public comment on the May 13 transfer. Onchain analysts say the deposit could represent a planned sale, a collateral adjustment tied to the Coinbase credit facility, a draw on that facility, or another internal treasury action.