KULR Technology Group secured a $20 million credit facility from Coinbase Credit to fund bitcoin purchases.
KULR to Fund Bitcoin Purchases With $20M Coinbase Loan
According to the announcement published on Tuesday, KULR Technology Group Inc. obtained a $20 million credit facility from Coinbase Credit Inc., a subsidiary of Coinbase Global Inc. The agreement, announced July 8, establishes a multi-draw loan initially totaling up to $20 million.
The company stated it intends to use the net proceeds to fund its strategic bitcoin accumulation goals. KULR selected Coinbase’s Prime platform in 2024 for custody and related services for its bitcoin holdings.
“This marks KULR’s first bitcoin-backed credit facility, giving us access to non-dilutive capital at a competitive financing rate,” said CEO Michael Mo. He added that it reflects efforts to diversify funding sources for long-term growth.
Amounts borrowed under the facility will be secured by a portion of KULR’s total bitcoin holdings. Eight of the ten largest publicly traded companies holding bitcoin use Coinbase Prime for custody services.
KULR, traded on the NYSE American exchange as KULR, develops energy storage solutions for aerospace, defense, and space applications. The company began including bitcoin as a primary treasury asset in late 2024.
KULR has committed to allocating up to 90% of its excess cash to bitcoin acquisition as part of its treasury program. The credit facility becomes available upon execution.
Source: Bitcoin
