KULR Technology has invested $21 million in Bitcoin as part of its strategy to invest 90% of excess funds in the cryptocurrency.
KULR, a US-based company specializing in thermal management solutions primarily for electronic components and batteries, has acquired 217.18 Bitcoin (BTC) for nearly $21 million as part of its Bitcoin Treasury strategy.
In a Thursday press release dated December 26, the San Diego-headquartered company said that bitcoins were purchased at an average price of $96,556.53 per BTC. Amid this news, KULR shares rose 3.51% premarket, according to Nasdaq data.
The purchase follows the company’s earlier announcement of its Bitcoin treasury strategy, in which it said it would convert up to 90% of its excess cash into Bitcoin. According to KULR, the $21 million purchase is the first ongoing purchase the company plans to make in the future. According to the press release, KULR has chosen Coinbase’s Prime platform to provide custody, USDC and self-custody wallet services for its BTC.
Michael Mo, CEO of KULR, previously emphasized that the increasing global adoption of Bitcoin was a key factor in the decision, noting that the asset could strengthen the company’s balance sheet while supporting operational growth.
KULR’s Bitcoin purchase comes amid a broader trend of companies using cryptocurrencies as part of their financial strategies. Artificial intelligence specialist Genius Group also recently announced $4 million in BTC purchases and increased its holdings as part of its “Bitcoin-first” strategy of investing 90% or more of its reserves in the cryptocurrency, to 153 BTC.
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