KULR Technology Group, a Bitcoin-first, global company in sustainable energy management, secured a $20 million credit facility with Coinbase Credit, a subsidiary of Coinbase Global.
The agreement establishes a multi-draw loan facility initially totaling up to $20 million, which will be available to KULR upon execution of the credit facility. The company intends to use the net proceeds to fund its strategic Bitcoin accumulation goals.
“This marks KULR’s first bitcoin-backed credit facility, giving us access to non-dilutive capital at a competitive financing rate,” Michael Mo, CEO of KULR, said. “It reflects our commitment to diversifying our funding sources as we continue to execute on long-term growth strategies to drive shareholder value.”
Amounts borrowed under the credit facility will be secured by a portion of the company’s total bitcoin holdings.
