Energy management platform KULR Technology unveils its Bitcoin (BTC) treasury strategy with the $21 million acquisition of the flagship crypto asset.
In a new statement, the company says it purchased 217.18 BTC at an average price of $96,556.53 per Bitcoin. The asset is currently trading for $95,737.
KULR completed the purchase just weeks after announcing it would launch a Bitcoin treasury strategy. On December 4, the company announced that it would allocate up to 90% of its excess cash to BTC.
“The $21 million worth of BTC acquired since the announcement represents the first ongoing purchases the company plans to make in the future.”
The company says US-based crypto exchange Coinbase will offer custody and self-custody wallet services for its BTC, as well as support for the stablecoin USDC.
Companies have copied the Bitcoin treasury strategy of software company MicroStrategy, which began purchasing BTC in 2020. So far, MicroStrategy has made billions of dollars in profits.
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