KULR Plans to Raise Up to $300M to Fuel Bitcoin Purchases

CoinDesk
CoinDesk
MSTR-5,46%
BTC-2,67%

Energy-management firm KULR (KULR) is looking to raise up to $300 million by selling shares of its common stock in an at-the-market (ATM) offering facilitated by Cantor Fitzgerald.

The funds will be used for general corporate purposes, including working capital and the acquisition of more bitcoin BTC, the company said in an SEC filing.

California-based KULR began using bitcoin as its primary treasury reserve asset in late 2024, adopting a strategy similar to that of Strategy (MSTR). It currently holds 800 BTC, according to BitcoinTreasuries data.

Many companies looking to build up their bitcoin treasury holdings have turned to at-the-market programs fund the purchases. These include Strategy, which also included preferred stock ATM programs, as well as The Blockchain Group, MARA Holdings and Semler Scientific.

To support its accumulation efforts, KULR also leased 5,500 S-19 bitcoin miners in two agreements totaling over $4 million, according to the filing.

So far, the company has earned nearly 10 BTC from these operations. It has purchased hundreds more on the open market through Coinbase, adding in 449.45 BTC in the three months ending on March 31, and an additional 244.36 BTC since.

KULR’s shares have gained 3.4% today to $1.22.

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