KULR Technology purchases 217.18 Bitcoin for $21 Million, launches Bitcoin Treasury

KULR Technology Group, Inc., an NYSE-listed company, has taken a shift in its treasury management by investing $21 million in Bitcoin by buying 217.18 BTC at an average price of $96,556.53.

The purchase is the start of a strategy to put up to 90% of the company’s surplus cash into cryptocurrency, as pioneered by industry leaders like MicroStrategy, and also it represents a larger corporate trend toward embracing digital assets.

KULR’s Bitcoin treasury plan

According to an announcement on Thursday, the coins were purchased at an average price of $96,556.53 per BTC. This is only the beginning of many more purchases since KULR plans to invest up to 90% of its available cash into Bitcoin. KULR has selected Coinbase Prime to provide custody solutions and self-custodial wallet services for its crypto assets.

Following the announcement of the Bitcoin strategic reserve, the KULR stock value increased by 40%.

KULR Technology Group is led by its CEO, Michael Mo, who discussed in an interview that he took inspiration from the way MicroStrategy approaches Bitcoin.

Mo said, “He calls BTC digital energy, which really resonated with our mission because we are an energy management company for batteries and space applications are our core.” The link between KULR’s core business and Bitcoin’s fundamental technology is a strategic alignment in their investment strategy.

To confirm the support of shareholders for the initiative, KULR undertook a survey to assess the endorsement of this novel financial approach. The feedback was predominantly favorable.

Cryptocurrency as corporate cash

Mo continued, “We received an overwhelming ‘Yes.’ Here we are buying our first block of BTC and entering into the future of money.” Additionally, he expressed his strong belief in Bitcoin, asserting, “We believe that BTC is the future of money.”

KULR now adds to the growing list of companies embracing BTC as part of there treasury reserve. On December 23, a Canada-based company, Matador Technologies, announced it will top up its balance sheet with $4.5 million in Bitcoin, as part of a long-term strategy for capital preservation.

Quantum BioPharma, a biopharmaceutical company, also joined the trend by investing $1 million in Bitcoin and other cryptocurrencies on December 20. In Japan, Metaplanet recently bought its largest Bitcoin to date, acquiring nearly 620 BTC.

The phenomenon of corporate acquisition of Bitcoin was first brought into the limelight by MicroStrategy, which initiated its investments in Bitcoin back in 2020. Currently holding over 444,000 BTC, MicroStrategy is looking to increase its cryptocurrency holdings, aiming to buy more Bitcoins worth $42 billion more in the near future, pending the approval of shareholders.

KULR’s Chief Executive Officer expects a future in which the integration of high-tech technologies creates a new corporate structure.

He outlined this vision: “We envision that the future of a dynamic corporation is based on three pillars: super intelligence through AI, an automated workforce through robotics, and the future of money through BTC, he added. “I believe the whole industry is still at the very early stage of figuring out how to tie them together,” suggesting that KULR’s Bitcoin strategy is part of a broader, long-term vision for corporate evolution.

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