A Bitcoin Treasury Firm Sold Down to Its Last 100 Coins — What That Warns You About
KULR Technology dumped most of its Bitcoin at a loss, joining other corporate treasuries now sitting on $47 billion in paper losses.
If you’ve ever wondered whether companies that pile Bitcoin onto their balance sheet always come out ahead, KULR Technology Group is a cautionary tale worth watching. The firm has sold off almost all of its Bitcoin, leaving just 100 BTC after months of steady selling — and it’s not the only corporate treasury feeling the pain right now.
From over 1,000 coins to just 100
On-chain data from Arkham shows KULR moved 145.8 BTC, worth about $9.45 million, to Coinbase Prime in its latest transfer. That single move dropped the company’s holdings from 1,021 BTC (once worth around $101 million) down to just 100 BTC, now valued at roughly $6.47 million.
AMBCrypto had previously reported that KULR’s Bitcoin position had already racked up more than $18 million in losses before this latest round of selling. With only 100 coins left on the books, the company looks close to walking away from its Bitcoin bet altogether.
The pain hasn’t stayed confined to the balance sheet, either. KULR’s stock has fallen 78% from its all-time high of $43 — a level it hit shortly after first announcing its Bitcoin purchases — and was trading around $2.70 at last check, according to Yahoo Finance data cited in the report.
KULR isn’t alone — treasuries added coins but lost billions
Bitcoin has slid 48% since its October 2025 peak, and that slump has hit hardest for companies that borrowed money or raised capital specifically to stack BTC on their books. Many of those firms bought in during the 2024–2025 rush, worried they’d miss the top — and are now nursing losses instead.
The numbers tell the story at the industry level. According to CoinGlass data referenced in the report, Bitcoin treasury companies collectively held about 1.02 million BTC worth roughly $128.5 billion at their 2025 peak. Today, those same firms hold more Bitcoin — around 1.25 million BTC — but it’s worth only about $81.5 billion. That’s a $47 billion drop in value even as holdings grew by 230,000 BTC.
Even the biggest name in the space isn’t immune. Strategy, the largest corporate Bitcoin holder, is currently sitting on roughly $9 billion in unrealized losses, the report noted.
Why this matters if you’re just holding Bitcoin yourself
None of this means your own Bitcoin is at any special risk just because a small company’s treasury bet went sideways. But it’s a useful reminder that “corporate demand” — one of the pillars that fuelled the 2024–2025 rally — can turn into selling pressure just as easily as buying pressure when prices fall.
If more treasury firms follow KULR’s path and capitulate rather than hold through the drawdown, that adds extra coins to the market at a time when prices are already struggling to find a floor. It’s not a reason to panic, but it is a reason to understand that not every Bitcoin buyer has your same time horizon — and some are now forced sellers.
Read more: Why Your Bitcoin Bag Might Take Longer to Recover Than Last Time
