KULR Technology Group Inc., an American energy management company, has made a significant move in the market by purchasing Bitcoin.
The company purchased 217.18 Bitcoins (BTC) for $21 million; The average price of each Bitcoin was around $96,556. This purchase is part of the company’s newly launched Bitcoin treasury strategy, which was launched earlier this month.
This purchase is in line with KULR’s plan to invest up to 90% of its additional funds in Bitcoin, which represents the first step in the company’s strategy. The company has also partnered with Coinbase Prime for custody and other services to keep its Bitcoins safe.
The purchase has caused quite a stir in the cryptocurrency world, especially as the market is currently facing some turmoil. Despite this volatility, KULR’s large investment suggests that the company is confident in Bitcoin’s long-term value.
At the time of reporting…
