KULR Secures $20M Bitcoin-Backed Credit Facility from Coinbase Credit
At present, KULR Know-how Group, Inc. (NYSE American: KULR) announced it has secured a $20 million bitcoin-backed credit score facility from Coinbase Credit score, Inc., a subsidiary of Coinbase International (NASDAQ: COIN).
The deal units up a multi-draw mortgage facility value as much as $20 million, which KULR can entry beginning on the efficient date. The funding will help KULR’s strategic Bitcoin accumulation objectives.
“This marks KULR’s first bitcoin-backed credit score facility, giving us entry to non-dilutive capital at a aggressive financing price,” mentioned the CEO of KULR Michael Mo. “It displays our dedication to diversifying our funding sources as we proceed to execute on long-term development methods to drive shareholder worth.”
In 2024, KULR selected Coinbase Prime to deal with the storage and administration of its Bitcoin property, together with custody, USDC, and self-custodial pockets companies. At the moment, Coinbase Prime can be the platform of alternative for eight of the ten largest public firms holding Bitcoin.
This newest transfer builds on KULR’s Bitcoin-focused monetary technique. On June 9, the corporate entered a Managed Fairness Providing Gross sales Settlement with Cantor Fitzgerald & Co. and Craig-Hallum Capital Group LLC, permitting it to promote as much as $300 million of its frequent inventory in an at-the-market (ATM) providing to additional help its Bitcoin treasury reserve.
Below the settlement, Cantor Fitzgerald will act as the only real gross sales agent, utilizing commercially affordable efforts to promote shares at market costs. The providing can be made underneath an present shelf registration and should happen occasionally based mostly on market situations and firm discretion.
“We view our bitcoin holdings as long run holdings and count on to proceed to build up bitcoin,” added KULR. “We now have not set any particular goal for the quantity of bitcoin we search to carry, and we are going to proceed to observe market situations in figuring out whether or not to have interaction in extra bitcoin purchases.”
This submit KULR Secures $20M Bitcoin-Backed Credit Facility from Coinbase Credit first appeared on Bitcoin Magazine and is written by Oscar Zarraga Perez.
