KULR Technology Group, an energy company, made headlines recently with the launch of its Bitcoin treasury. The company acquired 217.18 BTC for approximately $21 million, at an average purchase price of $96,556.53 per Bitcoin. This move signifies KULR’s entry into the world of cryptocurrency investment.
In 2023, KULR reported nearly $11 million in total assets, making its Bitcoin treasury roughly double the amount from the previous year. The company’s decision to allocate up to 90% of its surplus cash reserves into Bitcoin demonstrates a long-term investment strategy.
To facilitate its Bitcoin investment, KULR partnered with Coinbase Prime. This collaboration will provide custody solutions, support for USD Coin (USDC), and self-custodial wallet services, ensuring the security and flexibility of KULR’s crypto holdings.
The trend of publicly traded companies investing in Bitcoin is gaining momentum. Companies like MicroStrategy, Hut 8, Marathon Digital, Rumble, Jiva Technologies, and Jetking Infotrain have all made significant Bitcoin acquisitions in recent times. These moves are driven by a desire to hedge against inflation and add value to their companies.
As more companies join the Bitcoin investment wave, the cryptocurrency market continues to evolve. KULR’s entry into the space marks a significant milestone in the company’s journey towards embracing digital assets. With the support of Coinbase Prime and a strategic investment approach, KULR is poised to navigate the volatile crypto market with confidence.