KULR Technology secures $20 million credit facility from Coinbase

HOUSTON - KULR Technology Group, Inc. (NYSE American:KULR) has secured a $20 million credit facility with Coinbase Credit, Inc., a subsidiary of Coinbase Global, Inc. (NASDAQ:COIN), a $91 billion market cap cryptocurrency platform that has delivered a 62% return to investors over the past year, according to a press release statement issued Tuesday.

The multi-draw loan facility will be available to KULR upon execution of the credit agreement. The company plans to use the proceeds to fund its Bitcoin accumulation goals.

"This marks KULR’s first bitcoin-backed credit facility, giving us access to non-dilutive capital at a competitive financing rate," said Michael Mo, CEO of KULR.

The credit facility will be secured by a portion of the company’s Bitcoin holdings. KULR currently uses Coinbase’s Prime platform for custody, USDC, and self-custodial wallet services for its Bitcoin assets.

KULR Technology Group describes itself as a "Bitcoin First Company" that provides energy storage solutions for space, aerospace, and defense sectors. Since late 2024, the company has included Bitcoin as a primary asset in its treasury program and has committed to allocating up to 90% of its excess cash to acquiring Bitcoin.

Eight of the ten largest publicly traded companies with Bitcoin on their balance sheets currently use Coinbase Prime for similar services, according to the announcement.

The company states that its energy storage offerings allow for delivery of commercial and custom systems in shorter timeframes compared to traditional programs.

In other recent news, Coinbase Global Inc. announced the acquisition of Liquifi, a platform that manages token ownership and compliance workflows. This move aims to simplify the token launch process for blockchain developers by integrating Liquifi’s capabilities with Coinbase Prime. At its annual meeting, Coinbase shareholders elected ten directors and approved executive pay, with Deloitte & Touche LLP ratified as the independent accounting firm for 2025. In terms of stock evaluations, Bernstein raised its price target for Coinbase to $510, maintaining an Outperform rating, while Benchmark increased its target to $421, reiterating a Buy rating. Bernstein highlighted Coinbase’s growth drivers, such as its stablecoin business and institutional crypto services, while Benchmark emphasized the company’s transformational year and legislative support for its growth. These developments collectively underscore Coinbase’s strategic direction and growth potential within the digital asset space.

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