Thomas Daniels
By purchasing 217.18 Bitcoin (BTC) for over $21 million, KULR Technology, a U.S.-based company that specializes in thermal management systems, has made a daring foray into the cryptocurrency market. This action is in line with KULR’s recently disclosed Bitcoin Treasury policy, which invests up to 90% of the business’s excess funds in Bitcoin.
In a press announcement issued on December 26, the acquisition was revealed, with an average purchase price of $96,556.53 per Bitcoin. According to Nasdaq data, KULR’s shares increased 3.51% in pre-market trading after the news.
The move by KULR to make a significant investment in Bitcoin highlights the expanding trend of technology companies using cryptocurrencies to strengthen and diversify their financial strategy. The purchase was primarily motivated by Bitcoin’s growing global usage, according to KULR CEO Michael Mo, who also highlighted how the cryptocurrency may improve the company’s balance sheet and promote operational growth.
KULR has teamed up with Coinbase’s Prime platform for custody solutions, which includes USDC and self-custodial wallet services, in order to safeguard its holdings. In order to strengthen its financial stability, the corporation sees this $21 million transaction as the first in a planned series of Bitcoin acquisitions.
KULR is part of a growing number of businesses who are integrating Bitcoin into their financial systems. Notably, using a similar “Bitcoin-first” approach, the artificial intelligence company Genius Group recently increased its Bitcoin holdings to 153 BTC with a $4 million investment.
Other significant participants have also expanded their Bitcoin holdings, including MicroStrategy and Acurx Pharmaceuticals, which is listed on the Nasdaq. These businesses see cryptocurrencies as a useful tool for advancing technology as well as a hedge against inflation.
KULR’s audacious action highlights a changing paradigm where digital assets are increasingly integrated into business financial strategy as Bitcoin use continues to pick up steam.
