⚡ KULR Technology Buys 217.18 Bitcoins, Launches BTC Treasury
posted 16 hr ago
KULR Technology, a leading energy management platform, announced it has acquired 217.18 Bitcoins paying around $96,500 per coin. In total, the company paid around $21 million.
In a press release, KULR stated that this purchase marked the start of their Bitcoin strategic reserve. The company first announced its plan to establish the Bitcoin Treasury on December 4, 2024.
Based on the strategy, KULR is going to allocate up to 90% of its surplus cash to BTC, with Coinbase's Prime platform serving as custodian.
With this move, KULR joins the growing list of corporate companies adding Bitcoin to their treasury strategies. Among them, MicroStrategy is the largest Bitcoin holder with 444,262 coins, according to the latest update.
The company’s latest BTC purchase was on December 23, 2024, when it acquired 5,262 Bitcoins at an average price of $106,622 per bitcoin. Recently, Nasdaq 100 added MicroStrategy (MSTR), making the stock part of its index.
Among other corporate Bitcoin holders are MARA Holdings, Hut 8 Corporation, Bitfarms, and Rumble.
As a strategic reserve asset, Bitcoin gives companies a way to diversify and protect against inflation or market volatility. Its decentralized nature and scarcity make it an attractive store of value, similar to gold, but with added liquidity and growth potential.
By adding Bitcoin to their reserves, companies like KULR are setting themselves up to benefit from future price increases while reducing their dependence on traditional financial systems.
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