KULR Technology Group Inc. (NYSE American: KULR) announced Monday it has secured a $20 million credit facility with Coinbase Credit Inc., a subsidiary of Coinbase Global Inc. (NASDAQ:COIN).
The multi-draw loan facility will be available to KULR upon execution of the credit facility agreement. The company stated it intends to use the proceeds to fund its Bitcoin accumulation strategy.
"This marks KULR’s first bitcoin-backed credit facility, giving us access to non-dilutive capital at a competitive financing rate," said Michael Mo, CEO of KULR. "It reflects our commitment to diversifying our funding sources as we continue to execute on long-term growth strategies to drive shareholder value."
Amounts borrowed under the credit facility will be secured by a portion of KULR’s Bitcoin holdings. The company selected Coinbase’s Prime platform in 2024 to provide custody, USDC, and self-custodial wallet services for its Bitcoin holdings.
KULR describes itself as a "Bitcoin First Company" that delivers energy storage solutions for space, aerospace, and defense sectors. Since late 2024, the company has included Bitcoin as a primary asset in its treasury program and committed to allocating up to 90% of its excess cash to Bitcoin acquisition.
The information is based on a company press release statement.
KULR Technology Group Inc. (NYSE American: KULR) announced Monday it has secured a $20 million credit facility with Coinbase Credit Inc., a subsidiary of Coinbase Global Inc. (NASDAQ:COIN).
The multi-draw loan facility will be available to KULR upon execution of the credit facility agreement. The company stated it intends to use the proceeds to fund its Bitcoin accumulation strategy.
"This marks KULR’s first bitcoin-backed credit facility, giving us access to non-dilutive capital at a competitive financing rate," said Michael Mo, CEO of KULR. "It reflects our commitment to diversifying our funding sources as we continue to execute on long-term growth strategies to drive shareholder value."
Amounts borrowed under the credit facility will be secured by a portion of KULR’s Bitcoin holdings. The company selected Coinbase’s Prime platform in 2024 to provide custody, USDC, and self-custodial wallet services for its Bitcoin holdings.
KULR describes itself as a "Bitcoin First Company" that delivers energy storage solutions for space, aerospace, and defense sectors. Since late 2024, the company has included Bitcoin as a primary asset in its treasury program and committed to allocating up to 90% of its excess cash to Bitcoin acquisition.
The information is based on a company press release statement.
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