Key Takeaways
KULR Technology Group has implemented a new treasury strategy by purchasing 217.18 Bitcoin for $21 million.
The announcement of their Bitcoin purchase caused a 30% increase in the company’s stock price.
KULR Technology entered the Bitcoin market with the acquisition of 217.18 BTC, at an average price of $96,556 per Bitcoin.
This purchase signifies the initial phase of the energy tech company’s Bitcoin Treasury strategy, which was unveiled on December 4. The strategy aims to allocate up to 90% of the company’s surplus cash into Bitcoin as a long-term asset.
Coinbase’s Prime platform will provide custody, USDC, and self-custodial wallet services for KULR’s holdings.
Following the announcement, KULR’s stock price surged by 30% and was trading at $4.55 at the time of press.
KULR’s move is in line with the increasing trend of companies incorporating Bitcoin into their balance sheets.
Marathon Digital Holdings currently holds 44,394 BTC, valued at $4.2 billion, while Semler Scientific has added 2,084 BTC to their holdings.
Quantum BioPharma recently revealed a $1 million purchase of Bitcoin and other digital assets, and Matador Technologies, a Canadian firm, disclosed a $4.5 million Bitcoin acquisition on December 23.
Japanese investment firm Metaplanet also made their largest-ever purchase with the acquisition of 620 BTC.
By utilizing surplus cash for Bitcoin investments, KULR follows in the footsteps of companies like MicroStrategy, which have set the standard for treasury strategies involving Bitcoin.
