Two listed companies in the United States and Britain sold a combined 511 bitcoin and repaid about $31.7 million of debt a day apart.

On July 26, local time, blockchain media outlet CryptoSlate reported that U.S. battery technology firm KULR Technology Group and web services firm The Smarter Web Company, which runs a bitcoin treasury strategy, sold bitcoin holdings and used the proceeds to repay borrowings and a convertible bond.

Both sales were voluntary and were not forced liquidations driven by demands from major shareholders or lenders.

KULR said in a July 24 filing that it sold about 333 BTC from July 9 to 23 at a weighted average price of $64,538, raising about $21.5 million. The company used the funds to fully repay the $20 million principal on a Coinbase credit facility. It said unpaid interest, calculated at month-end, remains and will be paid in August.

KULR said the sale was aimed at reducing interest costs and eliminating collateral posting and liquidation risks. A prior quarterly filing showed the company borrowed $5 million in March and paid a 7 percent loan fee, then raised an additional $15 million in May carrying an annual 7 percent financing fee. It said it expects 565 bitcoin pledged as collateral to be released after repaying principal. The company currently holds about 760 bitcoin.

The Smarter Web Company first removed a different type of burden. In a July 23 announcement, the company said it sold 177.8909127 BTC at an average price of $65,762 to repay the "Smarter Convert" about 2 weeks before maturity. The sale was made at the company’s request, and creditors linked to French asset manager TOBAM supported it.

The convertible bond carried no interest and was set to mature on Aug. 5. At maturity, holders could choose among bitcoin held in separate custody, an equivalent value in fiat currency, or conversion shares at 2.0475 pounds per share. By redeeming it ahead of maturity, Smarter Web removed an imminent payment obligation and also eliminated the burden of 7,718,551 new shares that could have been issued. The company kept its bitcoin holdings at 2,700.

Smarter Web’s repayment of the convertible bond does not mean all of its debt has been cleared. Its balance sheet as of April 30 includes a separate Coinbase loan.

In June, another bitcoin treasury strategy company, Nakamoto, sold about 600 BTC and derivatives and used the $45 million raised to repay debt. The company continued holding bitcoin and also retained 165 million USDT.

The market is watching which financial structures could lead to the next sales. Key variables include bitcoin pledged as loan collateral, recurring financing costs, near-term maturities, and large potential share counts tied to conversion rights. A July U.S. Securities and Exchange Commission filing by another bitcoin treasury strategy company also included a clause requiring collateral to be replenished within 24 hours if the collateral ratio falls below 130 percent.

So far this year, bitcoin treasury strategy companies have already received collateral calls twice. Some loans have also been confirmed to be subject to liquidation within 12 hours. This is again highlighting that a strategy of holding bitcoin to the end can clash with debt repayment, collateral stability and dilution risks for existing shareholders.