KULR Technology Group, a New York Stock Exchange-listed company, has launched a Bitcoin treasury strategy by purchasing 217.18 Bitcoin (BTC) for about $21 million. This announcement, made on December 26, represents the company’s plan to invest up to 90% of its surplus cash in Bitcoin as a long-term asset.
The average price per Bitcoin for the purchase was $96,556.53. The company chose Coinbase Prime to provide custody services for its holdings, ensuring the safe handling of digital assets.
This decision follows a rising trend of firms adopting Bitcoin in their financial sheets. Michael Mo, CEO of KULR, praised the approach of MicroStrategy, a significant Bitcoin holder, as a crucial inspiration for their strategy. Mo stressed that Bitcoin is consistent with the company’s goal, including its focus on energy management for batteries and space applications.
KULR’s shares rose 30% on the news, reflecting investor confidence in the company’s strategy shift toward cryptocurrencies. This development places KULR alongside other companies, such as Marathon Digital Holdings and Quantum BioPharma, that are progressively incorporating Bitcoin into their treasury management methods.
The decision to create a Bitcoin reserve is not unique to KULR. Several companies, including Matador Technologies and Metaplanet, have lately purchased considerable amounts of Bitcoin. This pattern demonstrates the growing institutional conviction in Bitcoin as a store of wealth, comparable to traditional assets such as gold.
As part of its long-term strategy, KULR intends to continue increasing its Bitcoin holdings in the next months, putting it at the forefront of the developing corporate Bitcoin adoption trend.
Excerpt: KULR Technology announced a Bitcoin treasury strategy with a $21 million acquisition of 217 BTC. The energy management firm intends to invest up to 90% of its surplus cash in Bitcoin, following other companies in using the cryptocurrency as a strategic asset. Following the announcement, KULR’s shares increased by 30 percent.
