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KULR Technology Establishes Bitcoin Treasury with $21M Investment in BTC
In a recent announcement, KULR Technology Group has made a significant move by acquiring 217.18 Bitcoin (BTC) for approximately $21 million. This substantial investment marks a major milestone for the company, as it takes its first step into the world of cryptocurrency.
The acquisition was made at an average price of $96,556.53 per BTC, demonstrating KULR’s commitment to embracing the potential of blockchain technology and Bitcoin’s long-term value proposition. In addition to this significant purchase, KULR has also partnered with Coinbase Prime to receive institutional-grade wallet services for its holdings.
As part of its broader financial strategy, KULR aims to allocate up to 90% of its surplus cash into Bitcoin, a move that reflects the company’s confidence in the cryptocurrency’s potential. This bold step is expected to strengthen KULR’s financial position and expand its operations while providing a resilient financial reserve.
It is worth noting that this strategic decision comes amidst a growing trend among companies embracing cryptocurrencies as a key component of their financial strategies. Rumble, an online video streaming platform, has also announced plans to allocate a significant portion of its reserves into Bitcoin, aiming to reach up to $20 million in investments. Similarly, Genius Group, focused on artificial intelligence, has already made a $4 million investment and aims to expand its holdings by allocating 90% or more of its reserves to the cryptocurrency.
In light of this recent trend, it is clear that the tide is shifting towards mainstream adoption and institutional acceptance of Bitcoin as a legitimate store of value.
Source: cryptopotato.com
