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KULR Technology has taken a significant step in its financial strategy by announcing the launch of a Bitcoin treasury and purchasing $21 million worth of the cryptocurrency.
The company’s decision to adopt a Bitcoin-based treasury strategy comes amid growing interest and investment in cryptocurrencies, particularly Bitcoin. The move is seen as a bold one, given that most corporations have traditionally held their treasuries in fiat currencies such as the US dollar or the euro.
KULR Technology joins a growing list of companies that are adopting similar strategies, including Rumble, Boyaa Interactive, Thumzup, and BTC miner Marathon Digital. Metaplanet has also been dubbed “Asia’s MicroStrategy” after adopting a similar approach.
Notably, KULR Technology is the first Asian-based company to make such an announcement, which could potentially set a new trend in the region.
The purchased Bitcoin will be held in custody with Coinbase Prime, one of the largest and most reputable cryptocurrency exchanges. This move highlights the growing importance of institutions like Coinbase in providing secure and reliable custodial services for corporate treasuries.
Bitcoin’s price at the time of writing was around $95,670, which translates to a total value of approximately $2 billion. The purchase demonstrates KULR Technology’s confidence in the long-term potential of Bitcoin as a store of value and a hedge against inflation.
It remains to be seen whether this move will have any significant impact on the broader cryptocurrency market or whether other Asian companies will follow suit. However, it is clear that the adoption of cryptocurrencies by institutions is gaining momentum, and KULR Technology’s decision could potentially mark the beginning of a new trend in the region.
Disclosure: The information contained within this article should not be considered as investment advice or a recommendation to buy or sell any assets.
Source: coinjournal.net
