KULR Technology Group, Inc. (NYSE:KULR), an energy management platform, has purchased 217.18 Bitcoin for approximately $21 million.
The acquisition, completed at an average price of $96,556.53 per Bitcoin, marks the company’s first step in its Bitcoin Treasury strategy. The firm’s Bitcoin Treasury strategy involves allocating up to 90% of KULR’s surplus cash into Bitcoin as a long-term investment.
In a press release shared with CryptoNews, KULR Technology said the $21 million purchase is just the beginning of ongoing acquisitions that the company plans to make. The firm is committed to diversifying its cash reserves and leveraging Bitcoin’s potential as a digital store of value.
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 adopting Bitcoin, KULR is showing its interest in technological and financial strategies.
KULR is up 20.8% before markets open on Thursday.
Coinbase Prime to Manage Bitcoin
To manage its cryptocurrency holdings, KULR said it has partnered with Coinbase Prime, a platform used by institutions for custody, USDC, and self-custodial wallet services.
Firms Adding Bitcoin to Their Balance Sheets
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.
On Monday, MicroStrategy acquired more Bitcoin. The purchase brings the company’s total holdings to purchase brings the company’s total holdings to an impressive 444,262 BTC, accumulated at an average cost of $62,257 per Bitcoin.
Canadian firm Matador Technologies Inc also acquired $4.5 million in Bitcoin.
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