Key takeaways
- KULR Technology Group purchased 217.18 Bitcoins for $21 million as part of a new treasury strategy.
- The company’s stock price increased by 30% following the announcement of the Bitcoin purchase.
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KULR Technology entered the Bitcoin market with a purchase of 217.18 BTC for $21 million at an average price of $96,556 per Bitcoin.
The acquisition marks the first step in the energy technology company’s new Bitcoin treasury strategy, announced on December 4, which aims to allocate up to 90% of its excess cash to Bitcoin as a long-term asset .
Coinbase’s Prime platform will provide custody, USDC, and self-custodial wallet services for the company’s holdings.
Following the announcement, KULR stock soared 30%, trading at $4.55 at press time.
KULR’s move reflects a growing trend among companies integrating Bitcoin into their balance sheets.
Marathon Digital Holdings currently holds 44,394 BTC, worth $4.2 billion, while Semler Scientific added 2,084 BTC.
Quantum BioPharma recently announced a $1 million purchase of Bitcoin and other digital assets, while Canadian company Matador Technologies disclosed a $4.5 million Bitcoin acquisition on December 23.
Japanese investment company Metaplanet also recently acquired 620 BTC, marking its largest purchase ever.
In leveraging excess cash flow for Bitcoin, KULR follows companies like MicroStrategy, whose Bitcoin investments have set the standard for cash flow strategies.
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