KULR Technology Purchases $21 Million in Bitcoin As Part Of Its Treasury Strategy
The latest news today is that KULR Technology Group, a leader in advanced energy management platforms, announced that it has completed the purchase of 217.18 Bitcoins. According to its official media reports releasethe purchase price was approximately $21 million, with an average price of $96,556.53 per BTC.
KULR takes first steps in financial strategy
The purchase follows the announcement of the Bitcoin Treasury strategy on December 4, in which KULR announced that it would allocate 90% of its remaining cash to BTC. The purchase of $21 million worth of BTC is the first purchase the company intends to make. Notably, KULR selected Coinbase Prime to provide custody, USDC, and self-custody wallet services for its BTC holdings.
KULR focuses on energy storage for industries including the aerospace, aerospace and defense sectors. Its expertise in battery design, testing and production makes it a key innovator in the energy sector. By embracing Bitcoin, KULR is demonstrating an interest in technology and financial strategy.
KULR joins list of companies adopting Bitcoin
KULR joins a growing list of companies adding Bitcoin to their balance sheets as a financial strategy. These include MicroStrategy, a business intelligence company and one of the largest corporate holders of Bitcoin. With the cryptocurrency market currently facing volatility, the massive acquisition sparked discussion in the wider industry, with the acquisition setting a bullish path for the future of cryptocurrencies.
BTC is currently trading at $95,285, down more than 3% in the past 24 hours. Despite recent market turmoil, veteran trader Peter Brandt maintains a bullish outlook on BTC. He noted that the cryptocurrency could reach $108,358 in the coming days, solidifying investor optimism about the asset’s future direction.
Additionally, on December 19, KULR Technology Group returned to compliance with the New York Stock Exchange US Corporation’s shareholder equity regulations. The company was cited for not complying with specific equity standards outlined in NYSE America’s December 20, 2023 letter.
