In the latest development today, KULR Technology Group, a leader in advanced energy management platforms, has announced that it has completed the purchase of 217.18 Bitcoins. As per its official press release, the purchase was made for approximately $21 million, at an average price of $96,556.53 per BTC.
KULR Makes The First Move Towards Treasury Strategy
This purchase follows its December 4th announcement of a Bitcoin Treasury strategy, in which KULR announced allocating up to 90% of its surplus cash to BTC. The $21 million BTC purchased is the first of ongoing purchases the Company intends to make going forward. Notably, KULR has chosen Coinbase Prime to provide custody, USDC, and self-custodial wallet services for its BTC holdings.
KULR specializes in energy storage for industries such as space, aerospace, and the defense sector. Its expertise in battery design, testing, and production positions it as a key innovator in the energy sector. By embracing Bitcoin, KULR is showing its interest in technological and financial strategies.
KULR Joins List of Companies Adopting Bitcoin
KULR joins a growing list of companies that have added Bitcoin to their balance sheets as a treasury strategy. This includes MicroStrategy, a business intelligence firm and one of the largest corporate holders of Bitcoin. This huge purchase has led to waves of discussions across the broader industry as the crypto market currently faces volatility with the purchase making a bullish path for the crypto’s future movements.
BTC is currently trading at $95,285, down over 3% in the past 24 hours. A veteran trader Peter Brandt has maintained a bullish outlook for BTC despite the recent market turbulence. He noted that the crypto is likely to hit $108,358 in the coming days, solidifying investor optimism over the asset’s future movements.
Also, on December 19, KULR Technology Group regained compliance with NYSE American’s stockholder equity norms. It had been cited for non-compliance with specific equity standards outlined in a December 20, 2023, letter from NYSE American.
