KULR to Raise Up to $300M for Bitcoin Purchases, R&D, and Working Capital
Energy management and thermal solutions company KULR Technology Group (KULR) is planning to raise as much as $300 million through an at-the-market (ATM) equity offering, according to a recent SEC filing. The share sale will be managed by Cantor Fitzgerald.
Proceeds from the offering will be allocated toward general corporate purposes, including working capital, research and development, and the purchase of additional bitcoin (BTC).
KULR, based in California, began treating bitcoin as its primary treasury reserve asset in late 2024, adopting a similar strategy to that of Strategy (MSTR). As of the latest disclosure, the company holds 920 BTC.
To expand its bitcoin exposure, KULR has deployed multiple tactics. In addition to direct purchases via Coinbase—where it acquired 449.45 BTC in Q1 2025 and another **244.36 BTC since—**the company has also leased 5,500 S-19 mining rigs in agreements valued at over $4 million. These operations have so far generated nearly 10 BTC in mined rewards.
KULR joins a growing list of public companies leveraging ATM programs to build bitcoin treasuries, including Strategy, The Blockchain Group, MARA Holdings, and Semler Scientific.
Shares of KULR were up 3.4% on the day, trading at $1.22.
