Public company KULR, which provides energy storage solutions for aerospace and defense companies, just bought more Bitcoin for its treasury.
The San Diego, California-based firm started stacking sats in December when it bought 217.18 Bitcoin for approximately $21 million. Then, last month, it bought another $21 million worth of orange coins.
And on Tuesday, KULR—which trades on the NYSE—announced another $10 million purchase. It now holds 610.3 BTC, worth over $59 million, according to today’s price of $97,000 per coin.
Its stock is today down by more than 4%, trading at $2.26 a share.
KULR did not immediately respond to Decrypt’s request for comment, but said in its announcement that it is committed to putting up to 90% of its surplus cash reserves in Bitcoin.
The company—and other American public firms—are following in the footsteps of Strategy (formerly known as MicroStrategy). The software firm in 2020 started buying Bitcoin as a way to get a better return for shareholders. It now holds 478,740 BTC worth $46.4 billion.
Strategy now works to securitize Bitcoin—or allow investors to buy its stock in order to get safe, regulated exposure to the cryptocurrency. The firm’s co-founder and chairman Michael Saylor has said that buying Bitcoin can make a company “live forever.”
Other public companies such as social media marketing company Thumzup, healthcare company Cosmos Health, and video streaming platform Rumble are some of the latest to adopt a similar strategy.
Edited by Andrew Hayward
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