KULR Technology Launches Bitcoin Treasury with $21 Million Purchase, Stock Jumps 40%

Highlights:

• KULR Technology purchased $21 million in Bitcoin, marking its entry into the market.
• KULR plans to invest up to 90% of surplus cash into Bitcoin as a strategy.
• The company’s share price surged 40%, reaching an all-time high of $4.80.

KULR Technology Group, Inc., an NYSE-listed company, has entered the Bitcoin market with a $21 million purchase of 217.18 BTC. The acquisition, announced on December 26, was made at an average price of $96,556.53 per BTC. This news has generated significant interest and buying activity in KULR, resulting in a notable price increase.

KULR stated that this acquisition marks the beginning of a strategy to invest up to 90% of the company’s surplus cash into cryptocurrency. This approach follows the lead of industry pioneers like MicroStrategy and reflects a broader corporate trend toward adopting digital assets. Coinbase’s Prime platform will offer custody, USDC, and self-custodial wallet services for the company’s holdings.

KULR Launches Bitcoin Treasury with Purchase of 217.18 Bitcoin for $21 Million.

Watch now and check out our press release for more information: https://t.co/GClCvKTjUH pic.twitter.com/BmUWYXzMuY

— KULR Technology (@KULRTech) December 26, 2024

KULR Technology Group is led by CEO Michael Mo, who said in an interview that MicroStrategy’s approach to Bitcoin inspired him. 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.”

To assess shareholder support for the initiative, KULR conducted a survey. The results showed a predominantly positive response. CEO Michael Mo mentioned that the feedback was overwhelmingly favorable. He added that the company is now purchasing its first block of BTC, moving toward the future of money. Mo also expressed his strong belief in Bitcoin. He stated that KULR sees BTC as the future of money. KULR’s CEO expects high-tech technologies to create a new corporate structure.

KULR’s CEO said:

“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.” 

KULR Technology Sees 40% Share Price Surge

KULR Technology’s share price rose 40% after it announced the purchase of $21 million in Bitcoin. The share price hit an all-time high (ATH) of $4.80, marking a nearly 2,400% increase over the past year. The company’s market capitalization has now reached around $1 billion.

The purchase has created a lot of buzz in the cryptocurrency world, especially with the current market turbulence. Despite the volatility, KULR’s large investment shows confidence in Bitcoin’s long-term value. At the time of reporting, Bitcoin’s price dropped about 2.11%, trading at $92,258.

Companies Ramp Up Bitcoin Additions to Their Balance Sheets

KULR’s move reflects a growing trend of companies adding Bitcoin to their balance sheets. Marathon Digital Holdings currently holds 44,394 BTC, valued at $4.2 billion. Semler Scientific has acquired 2,084 BTC. Quantum BioPharma recently announced a $1 million purchase of Bitcoin and other digital assets. On December 23, Canadian firm Matador Technologies disclosed a $4.5 million Bitcoin acquisition.

Japanese investment firm Metaplanet recently made its largest Bitcoin acquisition, purchasing nearly 620 BTC. This Bitcoin treasury strategy was first introduced by MicroStrategy in 2020. MicroStrategy now holds over 444,000 BTC and is seeking shareholder approval to increase purchases next year. The company aims to acquire an additional $42 billion worth of Bitcoin in the coming years.