Public Companies Sell 511 Bitcoin to Escape $31.7 Million Debt Burden

Two publicly listed companies sold 511 Bitcoin last month, converting $31.7 million in crypto assets to repay debt instead of holding for appreciation.

KULR Technology Group, listed in the United States, sold approximately 333 BTC between July 9 and July 23, 2026. The company achieved a weighted-average price of about $64,538 per coin, generating $21.5 million in gross proceeds. KULR directed the funds to fully repay the $20 million principal on its Coinbase Credit facility, eliminating ongoing interest expenses and removing collateral liquidation risk.

In the UK, The Smarter Web Company disposed of exactly 177.8909127 BTC at an average price of $65,762. The sale raised $11,698,540, which the company used to repay a 'Smarter Convert' instrument held by TOBAM Group. The repayment came approximately two weeks before the August 5, 2026 maturity date, allowing Smarter Web to avoid issuing 7,718,551 ordinary shares to satisfy the obligation.

Disclosures One Day Apart

Regulatory filings from both companies were published one day apart, with Smarter Web's disclosure dated July 23, 2026, and KULR's covering the multi-day sales window from July 9-23. The proximity underscores how corporate debt maturities can force treasury managers to act despite long-term holding intentions.

Treasury Strategy Meets Reality

Both firms employ Bitcoin treasury strategies, holding the cryptocurrency as a corporate reserve asset. However, these strategies often intersect with complex financing structures: convertible debt instruments, credit facilities secured by crypto collateral, and warrant agreements that create fixed maturity dates and payment obligations.

The sales reveal the inherent tension for public companies using Bitcoin as a treasury reserve. While executives may advocate for long-term appreciation, the immediate need for liquidity to service debt and avoid shareholder dilution can turn treasury assets into repayment inventory. HODLing becomes secondary when maturity dates approach and collateral ratios require maintenance.

Significant Reserves Remain

Despite the liquidations, both companies maintained substantial Bitcoin positions. KULR retained approximately 760 BTC following the sale, while Smarter Web held 2,700 BTC. The transactions represent strategic rebalancing rather than abandonment of crypto treasury policies.

The episode illustrates a maturing corporate Bitcoin ecosystem where treasury holdings serve dual purposes: long-term store of value and near-term balance sheet flexibility. As more public companies adopt similar strategies, analysts will watch whether debt structures evolve to accommodate crypto volatility or force continued liquidations at inopportune moments.