Michaela
KULR Technology Group, Inc., an energy management platform, has acquired 217.18 Bitcoin (BTC) valued at $21 million, driving its stock to a record high.
The company made its initial move in its Bitcoin Treasury strategy with its recent purchase at an average price of $96,556.53 per Bitcoin, causing its shares to soar by over 40% following the announcement of the investment.
This investment marks the company’s commitment to allocating up to 90% of its surplus cash into Bitcoin, positioning it as a long-term holding in its financial strategy.
In a filing with the U.S. Securities and Exchange Commission (SEC) on December 26, KULR Technology announced that its recent Bitcoin purchase is the first step in a series of planned acquisitions.
The company revealed that it intends to continue building its Bitcoin holdings as part of its ongoing investment strategy, signaling a commitment to diversifying its financial assets and strengthening its position in the cryptocurrency market.
Related: Strategy Sells $1.4B in Stock to Cover Bills Amid Bitcoin Slump
The company’s decision to invest in Bitcoin aligns with its expertise in energy storage and advanced technologies, positioning it as a forward-thinking player in the evolving intersection of cryptocurrency and traditional industries.
Additionally, the timing of KULR Technology’s Bitcoin investment aligns with a favorable market environment for the cryptocurrency, which has seen significant growth following President-elect Donald Trump’s election victory.
Trump’s support of cryptocurrencies, coupled with his economic policies, has contributed to the bullish outlook for digital assets.
Related: The History of Altcoins: How Bitcoin’s Rivals Changed the Crypto Game
KULR Technology is the latest in a growing number of companies incorporating Bitcoin into their balance sheets as part of a broader treasury strategy. This trend has been led by firms like MicroStrategy, a business intelligence company that has emerged as one of the largest corporate holders of Bitcoin.
MicroStrategy has continued to make waves with its ongoing Bitcoin acquisitions. On December 23, the company revealed it had added 5,262 BTC to its holdings, investing $561 million at an average price of $106,662 per Bitcoin. This latest purchase brings its total Bitcoin holdings to a remarkable 44,262 BTC.
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MICHAELA
Michaela is a news writer focused on cryptocurrency and blockchain topics. She prioritizes rigorous research and accuracy to uncover interesting angles and ensure engaging reporting. A lifelong book lover, she applies her passion for reading to deeply explore the constantly evolving crypto world.
