'Bitcoin First' KULR Technology Seeks $300 Million to Boost BTC Holdings
In brief
- KULR is seeking $300 million in its latest raise, with plans to use part of the funds for its Bitcoin treasury strategy.
- The company holds 920 Bitcoin, worth nearly $100 million.
- KULR is one of a number of public companies that are following a path popularized by Strategy.
KULR Technology Group is aiming to raise $300 million to bolster its Bitcoin treasury, the firm revealed Monday in a filing with U.S. federal regulators—the latest sign a growing number of public and private companies are embracing the world’s oldest cryptocurrency.
California-based KULR, which has pivoted to become a self-described "Bitcoin-First" company, plans to raise $300 million by selling its common stock shares in an at-the-market offering, with assistance from Cantor Fitzgerald. It will use the funds to amass more Bitcoin for its corporate treasury, established last year, in addition to augmenting its working capital.
“We're building a long-term accumulation flywheel designed to steadily grow BTC per share over time,” KULR Technology CEO Michael Mo said Monday in a statement shared with Decrypt, adding that the company is “undeterred by short-term market volatility.”
Following the announcement, KULR shares were trading at $1.20, marking a 2% increase over the past day.
The firm holds 920 Bitcoin worth roughly $99.6 million as of writing time, CoinGecko data shows.
KULR's bid to expand its Bitcoin holdings comes as the digital asset hovers about 4% lower than its all-time-high price of $112,000, which it hit on May 22.
Bitcoin was recently changing hands at $108,600, up roughly 2.2% in the past 24 hours, according to crypto data provider CoinGecko.
The recent surge in Bitcoin’s price has inspired a rash of public and private companies to add the cryptocurrency to their balance sheets, modeling their corporate strategies after Michael Saylor’s software firm Strategy.
More than five dozen public companies and more than a dozen private firms currently hold Bitcoin, according to data from Bitbo, while several businesses have recently announced their intentions to establish Bitcoin treasuries as well. Among the firms to embrace Strategy’s Bitcoin-focused playbook over the past several months are public companies SolarBank, The Blockchain Group, Treasure Global, and Davis Commodities.
More broadly, 227 entities own Bitcoin as of publication time, up nearly 11% over the past month, according to data from Bitcointreasuries.net. Overall, the entities hold $177 billion in Bitcoin, with Strategy’s tokens accounting for $63 billion, or roughly one-third, of those combined holdings, the data shows.
The raise also comes as KULRsaid Monday in a statement that it had joined the "Bitcoin for Corporations" (“BFC”) initiative, an accelerator for institutional Bitcoin adoption introduced by Strategy and Bitcoin Magazine.
As an executive member of the initiative, KULR will participate in efforts to promote the integration of Bitcoin into publicly traded companies’ corporate treasuries through the use of institutional-grade tools, business gramworks and peer support networks.
CORRECTION: (June 9, 2025, 5:27 p.m. ET): Corrects the total value of bitcoin to $99.6 million.
Edited by James Rubin
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