Two publicly traded companies sold a combined 511 Bitcoin this month to pay down debt, voluntarily liquidating holdings to avoid interest costs and collateral risks. KULR Technology Group offloaded about 333 BTC between July 9 and July 23 at an average price of $64,538, generating roughly $21.5 million. The Smarter Web Company sold just under 178 BTC at an average of $65,762 to repay a zero-coupon note before its August 5 maturity.
Why they sold
KULR said the sale was voluntary — meant to reduce interest expense and remove collateral and liquidation risk. The proceeds let the company repay the entire $20 million principal under its Coinbase Credit facility. Accrued interest is due in August. The Smarter Web repayment avoided a potential issuance of 7.7 million shares if noteholders had chosen conversion at £2.0475 per share. Neither company described a lender-forced liquidation.
What they kept
KULR still holds about 760 BTC in its treasury after the sale. Smarter Web retained 2,700 BTC. Both companies clearly see Bitcoin as a long-term asset, even as they used some of it to clean up their balance sheets. The article notes that financing can turn Bitcoin holdings into repayment inventory without necessarily ending a treasury strategy.
A broader trend
This isn't an isolated move. In a separate example, Nakamoto sold approximately 600 BTC plus derivatives and applied $45 million to debt while retaining Bitcoin and leaving 165 million USDT outstanding. A July SEC filing for another unnamed treasury company disclosed a 24-hour cure window after a loan's collateral ratio fell below 130%. That suggests lenders are tightening terms, even if these particular sales were voluntary.
The timing matters. With Bitcoin prices hovering around $64,000–$66,000 during the sale windows, companies that bought lower can still exit at a profit while clearing debt. The question is whether more treasury holders will follow — especially those with loans coming due in the next quarter.
