KULR Technology Group Inc. (NYSE American: KULR), recognized for its advancements in energy management systems, disclosed a significant Bitcoin (BTC) acquisition valued at $21 million. The purchase involved 217.18 BTC at an average price of $96,556.53 per coin.
KULR’s Bitcoin Strategy
This acquisition marks the initial phase of KULR’s recently announced BTC Treasury strategy. On December 4, the company revealed plans to allocate up to 90% of its available cash reserves to Bitcoin, signaling a long-term commitment to the crypto. The $21 million investment serves as the first installment in an ongoing series of acquisitions under this strategy.
KULR has partnered with Coinbase Prime, a division of Coinbase Global Inc. (NASDAQ: COIN), to handle its BTC-related services. The platform will provide secure custody solutions, USDC support, and self-custodial wallet options for the company’s digital assets.
KULR Technology Group, listed on the NYSE American under the ticker KULR, specializes in developing energy storage systems designed for industries such as aerospace, defense, and space exploration. The company offers a range of services, including in-house battery design, cell and battery testing, and manufacturing capabilities. By utilizing advanced techniques, KULR delivers energy storage solutions tailored to meet customer requirements within reduced timelines and at lower costs compared to conventional approaches.
Also, it’s important to note that MicroStrategy, the corporate leader of Bitcoin acquisition also added more BTC this week. The company bought 5,262 BTC worth $561 million on Monday, December 23. Now, it holds 444,262 BTC and continues to influence other companies into acquiring Bitcoin, which could be the case for KULR as well.
Also Read: Japan’s Government Responds to Proposal for Bitcoin Reserve
Source: https://www.cryptonewsz.com/kulr-buy-21-bitcoin-microstrategy-btc-strategy/