KULR Technology adopts Bitcoin treasury strategy with $21M purchase, stock rises 30%
Key Takeaways
- KULR Technology Group purchased 217.18 Bitcoin for $21 million as part of a new treasury strategy.
- The company’s stock price increased by 30% following the announcement of their Bitcoin purchase.
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KULR Technology has entered the Bitcoin market with a $21 million purchase of 217.18 BTC at an average price of $96,556 per Bitcoin.
The acquisition marks the first step in the energy tech company’s newly launched Bitcoin Treasury strategy, announced on December 4, which aims to allocate up to 90% of its surplus cash into 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’s stock soared by 30%, trading at $4.55 at press time.
KULR’s move mirrors a growing trend among companies incorporating Bitcoin into their balance sheets.
Marathon Digital Holdings currently holds 44,394 BTC, worth $4.2 billion, while Semler Scientific has added 2,084 BTC.
Quantum BioPharma recently announced a $1 million purchase of Bitcoin and other digital assets, while Canadian firm Matador Technologies disclosed a $4.5 million Bitcoin acquisition on December 23.
Japanese investment firm Metaplanet also recently acquired 620 BTC, marking its largest-ever purchase.
By leveraging surplus cash for Bitcoin, KULR follows companies like MicroStrategy, whose Bitcoin investments have set the standard for treasury strategies.
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