KULR launches Bitcoin treasury with $21m BTC purchase
The $21 million BTC purchase follows the KULR’s announcement on Dec. 4.
Other companies to launch a Bitcoin treasury strategy in recent weeks include Rumble, Marathon Digital, Semler Scientific and Thumzup.
MicroStrategy is the biggest corporate holder of Bitcoin with over 444k BTC
KULR Technology Group, Inc., listed on the New York Stock Exchange, is the latest tech company to adopt Bitcoin as a treasury asset.
A few weeks after the energy management platform announced plans to add BTC to its treasury, the company announced on Dec. 26 that it had officially begun the initiative. KULR said in a press release that its first purchase involved 217.18 bitcoin acquired for $21 million.
KULR’s bitcoin bag was acquired at the average purchase price of $96,556.53 per BTC.
On Dec. 4, when the publicly-listed company disclosed its Bitcoin treasury strategy, it revealed plans that included allocating up to 90% of the firm’s surplus cash to the flagship cryptocurrency.
KULR Technology Group, Inc. ( $KULR ) begins its Bitcoin Treasury strategy with the purchase of 217.18 $BTC for $21M, averaging $96,556 per BTC.
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
— KULR Technology (@KULRTech) December 26, 2024
With sentiment extremely bullish amid the anticipation around pro-crypto Donald Trump’s administration, several companies have adopted or disclosed plans to add BTC to their treasury strategies..
These include Rumble, Boyaa Interactive, Thumzup and BTC miner Marathon Digital.
Metaplanet became known as ‘Asia’s MicroStrategy’ after adopting the BTC strategy to lead the Asian charge. MicroStrategy has regularly bought Bitcoin since its first purchase in 2020, and currently holds 444,262 BTC acquired for over $27 billion.
“The $21 million of BTC purchased since the announcement is the first of ongoing purchases the Company intends to make going forward,” KURL noted in its announcement on Boxing Day. Coinbase Prime will offer custody and wallet services for KURL’s haul of BTC.
Bitcoin traded around $95,670 at the time of writing, about 3% down in the past 24 hours.
