The $21 million BTC purchase follows KULR's announcement on December 4th. Other companies that have launched Bitcoin treasury strategies in recent weeks include Rumble, Marathon Digital, Semler Scientific, and Thumzup. MicroStrategy is the largest corporate holder of Bitcoin with over 444,000 BTC
KULR Technology Group, Inc., listed on the New York Stock Exchange, is the latest technology company to adopt Bitcoin as a financial asset.
Weeks after the energy management platform announced plans to add BTC to its treasury, the company announced the official launch of the initiative on December 26th. KULR said in a press release that its first purchase included 217.18 Bitcoins for $21 million.
KULR Bitcoin Bags were acquired at an average purchase price of $96,556.53 per BTC.
On December 4, the publicly traded company revealed its Bitcoin financial strategy, revealing plans that include allocating up to 90% of its surplus cash to the flagship cryptocurrency.
KULR Technology Group, Inc. ( $KULR ) bought 217.18 $BTC for $21 million to start the Bitcoin Treasury strategy at an average price of $96,556 per BTC.
Using $COIN's Prime platform for storage and wallet, KULR allocates up to 90% of its surplus cash to BTC. https://t.co/GClCvKTjUH pic.twitter.com/DFqAxDm0vS
— KULR Technology (@KULRTech) December 26, 2024
Sentiment has become extremely bullish, with several companies adopting or announcing plans to add BTC to their treasury strategies as expectations for the pro-crypto administration of Donald Trump rise.
These include Rumble, Boyaa Interactive, Thumzup, and BTC miner Marathon Digital.
Metaplanet became known as “Asia's MicroStrategy” after adopting the BTC strategy to lead the charge in Asia. MicroStrategy has been purchasing Bitcoin regularly since its first purchase in 2020 and currently holds 444,262 BTC acquired for over $27 billion.
“The $21 million BTC purchased since the announcement is the first of continued purchases we plan to make in the future,” KURL said in its Boxing Day announcement. Coinbase Prime provides storage and wallet services for KURL's BTC.
At the time of writing, Bitcoin was trading around $95,670, down about 3% over the past 24 hours.
