Houston-based KULR Technology Group has significantly expanded its Bitcoin holdings, purchasing an additional 79.39 BTC for approximately $8 million. The acquisition, made at an average cost of $101,695 per Bitcoin, increases the company’s total Bitcoin reserves to 510 BTC.
KULR’s Bitcoin Purchase Spree
The company’s current Bitcoin holdings are now valued at around $50 million, with an average acquisition price of $98,039 per Bitcoin. These purchases are part of the firm’s ongoing treasury management strategy, which involves allocating a substantial portion of surplus cash reserves to Bitcoin investments.
In December 2024, KULR outlined a strategic plan to dedicate up to 90% of its excess liquidity to BTC, reflecting the company’s strong focus on cryptocurrency as a treasury asset. By January 21, 2025, the company reported achieving a year-to-date Bitcoin yield of 127%, calculated as a performance metric relative to outstanding shares.
KULR has acquired 79.39 BTC for ~ $8 million at ~ $101,695 per #bitcoin and has achieved BTC Yield of 127% YTD. As of 1/21/25, we hodl 510 $BTC acquired for ~ $50 million at ~ $98,039 per bitcoin. $KULRhttps://t.co/UDdORN90dG pic.twitter.com/jtnQOq8ht6
— Michael Mo (@michaelmokulr) January 21, 2025
Michael Mo, CEO and Chairman of KULR Technology Group, highlighted the company’s progress in a recent statement. “We have acquired 79.39 BTC for approximately $8 million at an average price of $101,695 per Bitcoin,” he noted. “As of January 21, 2025, we hold 510 BTC acquired for roughly $50 million at an average price of $98,039 per Bitcoin.”
The company’s treasury management strategy positions the company among several publicly traded firms increasing their exposure to BTC. This approach underscores its efforts to leverage crypto as a financial instrument amid fluctuating market dynamics.
Moreover, with increasing Bitcoin adoption, the BTC price could stabilize soon. Today, MicroStrategy, the corporate leader in holding Bitcoin, also purchased 11,000 BTC worth over $1.1 billion. The company has kept up its BTC buying spree for 11 consecutive weeks now.
Also Read: MicroStrategy Acquires Another $1.1B Bitcoin, BTC Price Recovery Ahead?
Source: https://www.cryptonewsz.com/kulr-expands-bitcoin-reserve-with-8m-deal/