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KULR Technology Group Inc. (NYSE American: KULR), a prominent player in the energy management systems space, has made a significant foray into the world of cryptocurrency by acquiring 217.18 BTC at an average price of $96,556.53 per coin, valued at $21 million.
This monumental move marks the initial phase of KULR’s recently announced Bitcoin (BTC) Treasury strategy. Just over two weeks ago, on December 4, the company revealed plans to allocate up to 90% of its available cash reserves to Bitcoin, signaling a long-term commitment to the crypto.
The acquisition of 217.18 BTC serves as the first installment in an ongoing series of acquisitions under this strategy. To handle its BTC-related services, KULR has partnered with Coinbase Prime, a division of Coinbase Global Inc. (NASDAQ: COIN), which will provide secure custody solutions, USDC support, and self-custodial wallet options for the company’s digital assets.
KULR Technology Group specializes in developing energy storage systems designed for industries such as aerospace, defense, and space exploration. The company offers a range of services, including in-house battery design, cell and battery testing, and manufacturing capabilities.
Source: www.cryptonewsz.com
