KULR Technology launches $21M Bitcoin treasury acquisition

KULR Technology Group, listed on the New York Stock Exchange, has initiated its Bitcoin (CRYPTO:BTC) treasury with the purchase of 217.18 Bitcoin, valued at approximately $21 million.

This move marks the company's entry into the growing trend of corporations adding Bitcoin to their balance sheets.

According to a December 26 announcement, KULR made the purchase at an average price of $96,556.53 per Bitcoin.

The acquisition is part of a broader strategy where KULR plans to allocate up to 90% of its surplus cash into Bitcoin over time.

The company selected Coinbase Prime to manage the custody and self-custodial wallet services for its Bitcoin holdings.

Michael Mo, KULR's CEO, mentioned that the company was inspired by MicroStrategy's Bitcoin strategy, especially after CEO Michael Saylor described Bitcoin as "digital energy."

This concept aligned with KULR's mission as an energy management company, focusing on battery and space applications.

To assess shareholder support for the Bitcoin acquisition strategy, KULR conducted a survey on X, which received an overwhelmingly positive response.

“We believe that BTC is the future of money,” Mo said after the survey results came in, confirming their commitment to integrating Bitcoin into the company’s long-term plans.

KULR is part of a growing number of companies, including Matador Technologies and Quantum BioPharma, which have adopted similar Bitcoin treasury strategies.

These moves follow Bitcoin’s recent rise, surpassing the $100,000 mark.

KULR's decision to buy Bitcoin comes as the trend of corporate Bitcoin adoption continues, a strategy initially pioneered by MicroStrategy in 2020.

At the time of reporting, the Bitcoin price was $96,229.41.