KULR Boosts Bitcoin Treasury to $78M, Despite Q1 Net Loss
KULR Technology Group, Inc. (NYSE American: KULR) has bolstered its Bitcoin Treasury with a $9 million expansion, bringing total acquisitions to $78 million. The company's latest purchase was made at a weighted average price of $103,234 per BTC, increasing its holdings to 800.3 BTC.
KULR's CEO, Michael Mo, expressed confidence in the company's financial position. As of now, KULR has over $100M in cash and BTC holdings, with virtually no debt, providing ample capital to grow its battery and AI Robotics businesses.
In Q1 2025, KULR's gross margin declined to 8%, with combined cash and accounts receivable standing at $27.59 million. The quarter also saw an operating loss of $9.44 million and a net loss of $18.81 million, primarily due to a mark-to-market adjustment on BTC holdings. Despite this, KULR's revenue grew by 40% to $2.45 million, driven by product sales totaling approximately $1.16 million.
Meanwhile, Metaplanet reported its strongest quarter to date for Q1 FY2025. Its BTC holdings rose to 6,796 BTC, a 3.9x increase year-to-date and over 5,000 BTC added in 2025 alone. Since adopting the Bitcoin Treasury Standard, Metaplanet's BTC net asset value has surged 103.1x, and its market cap has grown 138.1x. However, Metaplanet did face a temporary ¥7.4 billion valuation loss in March but rebounded with ¥13.5 billion in unrealized gains as of May 12.
KULR's expansion of its Bitcoin Treasury reflects its commitment to the cryptocurrency, allocating up to 90% of surplus cash reserves to BTC. Despite a challenging quarter with a net loss, KULR's revenue growth and strong financial position indicate potential for future growth. Metaplanet's impressive increase in BTC holdings and market cap demonstrates the potential benefits of a Bitcoin Treasury Standard.
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