A few days after announcing its adoption of the Bitcoin reserve plan, Kurl Technology opened its reserve exchange with purchases worth millions.
In one Press release Yesterday, the California-based energy management company announced that it had acquired 217 BTC worth $21 million. Kurl said the company purchased the stock at an average price of $96,556 and took advantage of the recent decline to keep the blue-chip asset in the sub-six-figure range.
As with most Bitcoin spot exchange-traded funds (ETFs), Kurl Technology Group has chosen to do so Coinbase to store your Bitcoin.
Kurl welcomes the Bitcoin reserve plan
Meanwhile, the Boxing Day purchase came after Kurl’s Bitcoin embrace on December 5th. For context, the company noted at the time that it had adopted Bitcoin as a strategic reserve asset, joining the growing list.
They introduced the idea of storing 90% of their reserve assets in the pioneering cryptocurrency. In 2023, Kurl announced a net worth of $11 million, which has increased by almost double with the recent purchase.
Interestingly, Kurl Technology mentioned that it would make more purchases in the future. The ploy reflects its long-term commitment to Bitcoin, an increasingly popular asset among companies.
Remarkably, Kurl stock responded to the buying and rose to unprecedented highs. It rallied to a record close of $4.80 on Thursday, gaining over 40% on the day.
Corporate company FOMO in play
Meanwhile, Bitcoin’s incessant adoption has reached FOMO levels as companies scramble to acquire the most important asset. This is due to greater adoption of Bitcoin in the United States and growing speculation that the emerging asset will soon achieve significant prominence.
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