KULR Technology Acquires $21M in Bitcoin as Part of Treasury Strategy

Key Points:

• KULR Technology has purchased 217.18 Bitcoin for $21 million as part of its Bitcoin Treasury strategy, allocating up to 90% of surplus cash into Bitcoin.
• The company plans to continue acquiring Bitcoin, using Coinbase’s Prime platform for custody and wallet services, to diversify its cash reserves and leverage Bitcoin’s potential.

KULR Technology has closed its maiden buy of Bitcoin, buying 217.18 BTC valued at approximately $21 million at an average price of $96,556.53 per coin.

Read more: MicroStrategy Shareholder Vote on Key Proposals, Including 21/21 Plan

KULR Technology Invests $21 Million in Bitcoin

The buy is part of the newly adopted Bitcoin Treasury strategy by the company, under which as much as 90% of its excess cash shall be converted to Bitcoin for long-term investment.

The move is a major shift in the financial strategy of KULR and puts the company in league with the increasing number of companies adding Bitcoin to their corporate balance sheets.

Using the Coinbase Prime platform for custody and wallet services, KULR intends to make further purchases of Bitcoin as part of its treasury diversification strategy, capitalizing on Bitcoin’s potential as a digital store of value.

KULR Joins Growing List of Companies Integrating Bitcoin into Balance Sheets

KULR Technology specializes in energy storage solutions for the aerospace, defence, and space sectors. With expertise in both the design and production of batteries, it has become a leader in the energy industry.

KULR’s Bitcoin acquisition strategy is not unlike that of other corporate entities, including MicroStrategy, which has highly increased its Bitcoin holdings over the past few years. As of this week, the total Bitcoin holdings for MicroStrategy have crossed the 444,000 BTC threshold, acquired at an average price of $62,257 per coin.