Energy-management specialist KULR Technology has announced plans to raise up to $300 million through an at-the-market (ATM) offering of new common shares, coordinated by Cantor Fitzgerald and Craig‑Hallum, under its existing shelf registration.
Purpose and Deployment of Capital
The funds will support general corporate needs—working capital, research and development—and, most notably, further expansion of its Bitcoin treasury. KULR, which began allocating Bitcoin as its main treasury reserve in late December 2024, now holds 920 BTC. This is up from approximately 800 BTC reported earlier and reflects ongoing acquisition activity.
Recent Bitcoin Accumulation
According to the SEC filing, the company acquired 449.45 BTC during the first quarter ending March 31, followed by another 244.36 BTC thereafter. Additionally, it recently purchased 118.6 BTC for around $13 million, boosting its Bitcoin holdings to 920 and achieving a noteworthy 260% BTC yield year-to-date.
Mining Leasing Operations
Beyond open-market buys, KULR has also ventured into mining by leasing 5,500 Antminer S19 units in two contracts totaling over $4 million. These mining operations have already generated approximately 10 BTC to date.
Industry Context
KULR joins peers such as MicroStrategy, The Blockchain Group, MARATHON (MARA), and Semler Scientific in using ATM offerings to bolster Bitcoin reserves. This method enables firms to incrementally issue equity at prevailing market prices to fund crypto asset purchases.
ATM Program Mechanics
Under the deal, Cantor Fitzgerald is the sole ATM sales agent and may sell shares over time, based on market conditions. KULR will pay a 3% commission on gross proceeds to the sales agents.
Importantly, the company notes its BTC Yield metric—a measure of returns on Bitcoin—is influenced by how acquisitions are financed (whether through equity or operations), thus may not fully reflect capital efficiency . The firm also cautions that stock price volatility could diverge from the Bitcoin holdings’ market value, and that equity-funded Bitcoin buys may skew the yield metric .
Share Movement
On the day of the announcement, KULR’s common shares rose by approximately 3.4%, closing near $1.22, reflecting investor enthusiasm for the strategy.
Strategic Outlook
KULR’s filing underscores a commitment to Bitcoin as a long-term treasury asset, with no set accumulation limit, and flexibility to sell or use Bitcoin for corporate purposes if conditions warrant. The firm emphasizes that future Bitcoin purchases may come from free cash flows, operational cash, or additional financings—but equity remains a primary funding tool .
In summary, KULR is executing an aggressive Bitcoin accumulation strategy by issuing up to $300M in equity via an ATM program, while bolstering its digital-assets approach with leased mining capacity. Its treasury now holds 920 BTC, and the company is leveraging multiple acquisition channels—market purchases, mining yields, and equity offerings. Investors appear receptive, as reflected in today’s share price uptick.
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