KULR Technology Group, a US-listed battery technology company, and The Smarter Web Company, a UK-listed web services group with a Bitcoin treasury strategy, have sold approximately 511 BTC and used the proceeds to retire approximately $31.7 million of obligations in disclosures published one day apart.
The total comprises $20 million of KULR principal and Smarter Web’s exact $11,698,540 repayment. Both companies acted voluntarily and retained substantial Bitcoin reserves; neither disclosure described a lender-forced liquidation. The shared consequence is that financing can turn assets presented as long-term holdings into repayment inventory without ending a treasury strategy.
KULR’s July 24 filing said it sold approximately 333 BTC from July 9 through July 23 at a weighted-average price of approximately $64,538, generating about $21.5 million in gross proceeds. It used the net proceeds to clear all principal under its $20 million Coinbase Credit facility. Accrued interest still had to be calculated at month-end and was expected to be paid in August 2026.
KULR said the sale was a deliberate step to reduce interest expense and remove collateral and liquidation risk. An earlier quarterly filing showed a March $5 million draw with a 7% loan fee and a May $15 million draw carrying a 7% yearly financing charge paid monthly. KULR expected 565 pledged BTC to be released and reported approximately 760 BTC still in its treasury.
Smarter Web removed maturity and dilution risk
Smarter Web’s July 23 announcement described a different trade. At the company’s request and with support from TOBAM-related noteholders, it sold exactly 177.8909127 BTC at an average of $65,762 to repay Smarter Convert approximately two weeks before maturity.
The zero-coupon instrument was due August 5. At maturity, holders could choose the segregated BTC, its fiat-equivalent value, or shares converted at £2.0475. Early repayment removed that approaching settlement obligation and the potential issuance of 7,718,551 shares. Smarter Web retained 2,700 BTC.
A separate Coinbase facility appeared on the company’s April 30 balance sheet, so repaying the convert alone did not establish that Smarter Web was debt-free.
Another Bitcoin treasury company provides a bounded precedent. In June, Nakamoto said it sold approximately 600 BTC plus derivatives and applied $45 million to debt while retaining Bitcoin and leaving 165 million USDT outstanding.
The next seller cannot be named from these cases, but the pressure points are visible: BTC pledged to loans, recurring financing charges, nearby maturities, and large conversion-linked share counts. A July SEC filing for another treasury company also disclosed a 24-hour cure window after a loan’s collateral ratio fell below 130%.
Those features show where holding every coin competes most directly with debt service, collateral safety, and shareholder dilution. They identify exposed financing structures, not a forecast of another sale.
