KULR Tech Shares Rise After New $20 Million Credit Facility

By Chris Wack

KULR Technology Group shares climbed as much as 23%, at $7.94, after the company said it has secured a $20 million credit facility with Coinbase Credit, a subsidiary of Coinbase Global.

The cryptocurrency company on Tuesday said 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 Webster, Texas, company said it intends to use the proceeds to fund its strategic Bitcoin-accumulation goals.

KULR said amounts borrowed under the credit facility will be secured by a portion of its total bitcoin holdings.

The stock has more than doubled in the past 12 months, and Bitcoin is trading at $108,858.

Write to Chris Wack at chris.wack@wsj.com