Key Takeaways:
- KULR Technology’s Bitcoin Bet: KULR Technology acquired 217.18 BTC for $21M, allocating up to 90% of its surplus cash to Bitcoin, inspired by MicroStrategy’s strategy.
- Custody via Coinbase Prime: Bitcoin holdings are managed through Coinbase Prime’s custody and self-custodial wallet services.
- Shareholder Approval: A survey of KULR’s shareholders revealed strong support for the move, aligning with KULR’s vision of Bitcoin as the “future of money.”
KULR Technology Group, a New York Stock Exchange-listed company, has embraced Bitcoin as a treasury asset, purchasing 217.18 BTC for approximately $21 million at an average price of $96,556.53 per Bitcoin.
The company plans to allocate up to 90% of its surplus cash into Bitcoin, using custody services from Coinbase Prime to secure its holdings.
KULR Technology Group, Inc. ( $KULR ) begins its Bitcoin Treasury strategy with the purchase of 217.18 $BTC for $21M, averaging $96,556 per BTC.
— KULR Technology (@KULRTech) December 26, 2024
Using $COIN ’s Prime platform for custody and wallets, KULR is allocating up to 90% of surplus cash to BTC.https://t.co/GClCvKTjUH pic.twitter.com/DFqAxDm0vS
CEO Michael Mo cited inspiration from MicroStrategy’s Bitcoin strategy, aligning the investment with KULR’s energy management mission.
A shareholder survey on social media indicated strong support for the move.
This decision positions KULR among a growing number of firms incorporating Bitcoin into their financial strategies.
KULR Launches Bitcoin Treasury with Purchase of 217.18 Bitcoin for $21 Million.
— KULR Technology (@KULRTech) December 26, 2024
Watch now and check out our press release for more information: https://t.co/GClCvKTjUH pic.twitter.com/BmUWYXzMuY
Recently, Canadian company Matador Technologies invested $4.5 million in Bitcoin, Quantum BioPharma entered the market with a $1 million investment, and Japan’s Metaplanet made a substantial purchase of 620 BTC.
These actions reflect a broader trend initiated by MicroStrategy in 2020, which now holds over 444,000 BTC and plans to invest significantly more by 2025.
Thank you @saylor for raising awareness for our new $BTC Treasury Strategy.@KULRTech is truly walking in the shadow of giants, like $MSTR & $NVDA. It’s because of these companies, leaders, & their approach to #bitcoin & #AI that have paved the way for $KULR.
— Michael Mo (@michaelmokulr) December 26, 2024
Incredibly…
KULR’s CEO also emphasized the synergy between Bitcoin, AI, and robotics, envisioning them as key pillars of future corporate innovation.
This move underscores the increasing convergence of cryptocurrency with emerging technologies in shaping the business landscape.
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