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KULR Technology Group, Inc. (NYSE:KULR) saw its stock move higher on Tuesday after announcing a new $20 million credit agreement with Coinbase Credit, a lending subsidiary of Coinbase Global Inc. (NASDAQ:COIN).
The facility, structured as a multi-draw loan, gives KULR Technology immediate access to capital secured by its Bitcoin (CRYPTO: BTC/USD) holdings.
The company plans to use the funds to further its Bitcoin acquisition strategy, highlighting a deepening commitment to digital assets amid its broader energy management mission.
Also Read: Coinbase Stock Is S&P 500’s Best Performer For June: How It Got There
The credit facility allows KULR Technology to tap up to $20 million without diluting shareholder value. The company labeled this its first Bitcoin-backed credit agreement and emphasized the favorable terms of the deal.
According to CEO Michael Mo, the agreement offers “non-dilutive capital at a competitive financing rate,” helping KULR Technology pursue long-term growth while safeguarding equity interests.
KULR Technology had previously selected Coinbase’s Prime platform in 2024 for crypto custody and wallet services. That move aligned KULR Technology with the majority of public companies holding Bitcoin on their balance sheets.
The funds drawn from the facility will be collateralized with a portion of KULR Technology’s current Bitcoin holdings.
The company has been steadily positioning itself as a “Bitcoin First” enterprise, blending its clean energy technology roots with blockchain-based financial strategies to broaden both reach and revenue channels.
Price Action: KULR shares are trading higher by 6.89% to $6.931 at last check Tuesday.
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