Bitcoin [BTC] has failed to keep up with market expectations. During the institutional boom of 2024-2025, many companies accelerated Bitcoin’s aggressive accumulation.
In 2026, when market conditions became unfavorable, some government bonds were forced to liquidate positions to finance operations.
KULR Technology Group dumps $24.36 million in BTC
With BTC struggling, KULR Technology Group has started selling its assets, which will most likely limit losses. According to data from Arkham, KULR Technology Group transferred 300 BTC, worth $24.36 million, to Coinbase Prime.
In December 2024, KULR announced that it would allocate 90% of its excess cash to Bitcoin. As of July 2025, the company had built up a reserve of 1,021 BTC worth $101 million, purchased at an average price of $98,923.
KULR entered the market during the institutional boom and benefited from favorable sentiment and a US policy shift, with its stock rising 10-fold to $43.92 after the reserve announcement.
With BTC trading well below the average entry price, the company’s assets have lost $18.25 million.
The waning market frenzy has also hit shares hard, which fell 74% year-over-year to $3.19, underscoring the problems facing public companies that have Bitcoin on their balance sheets.
Bitcoin-listed companies scale back amid mounting losses
In addition to KULR technology, so do Bitcoin treasury companies either stopped accumulation or sold assetsdriven by increasing market losses.
In fact, the value of total Bitcoin treasury holdings has fallen significantly, from $126 billion to $96 billion at the time of writing. Such a decline left these companies with $30 billion in unrealized losses. As a result, most Bitcoin companies have continued to offload.
For starters, the Riot platform has been on the rise lately. The miner recorded its largest weekly outflow since March 2025. Riot has continued to offload even as BTC shows signs of recovery, defying traditional market behavior. In 2026, RIOT sold 3,686 BTC, largely due to mounting losses, and has suffered more than $1.2 billion in losses since October.
Furthermore, MARA saw its net loss exceed $1 billion in the first quarter, relative to the fair value of digital assets. AMBCrypto reported that more than 90% of losses were caused by the crypto market downturn.
The continued selling amid mounting losses signals pressure facing institutional investors. As these market players sell, BTC is left in a weaker position, creating an endless cycle of selling by large entities.
Final summary
- KULR Technology Group transferred 300 BTC worth $24.36 million to Coinbase Prime, while losses amounted to $18 million
- Public companies holding BTC have suffered massive losses, with the total value falling by $30 billion from the 2025 peak.