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KULR Technology Establishes Bitcoin Treasury with $21M Investment in BTC
In a significant move, KULR Technology Group has announced the establishment of a Bitcoin treasury strategy, investing approximately $21 million in the digital currency. The company’s decision to allocate 217.18 Bitcoin (BTC) at an average price of $96,556.53 per unit underscores its confidence in the long-term potential of the cryptocurrency.
The move comes as part of KULR’s broader financial strategy, which aims to strengthen its financial position and expand operations. In a statement, Chairman and CEO Michael Mo emphasized the company’s conviction that Bitcoin’s growing global acceptance is still in its early stages. He highlighted the cryptocurrency’s unique characteristics, including its ability to serve as a safeguard against inflationary, geopolitical, and macroeconomic challenges while offering long-term appreciation.
The acquisition demonstrates KULR Technology’s commitment to the adoption of blockchain technology and digital assets within the financial landscape. The company’s decision to make this significant investment in Bitcoin further underscores the growing recognition by corporations and institutions alike that cryptocurrencies have a place in their portfolios.
As part of its treasury strategy, KULR has partnered with Coinbase Prime to receive institutional and self-custodial wallet services for its BTC holdings. This partnership aims to provide enhanced security and flexibility for managing its digital assets.
This development follows similar moves from other companies, including Rumble, Genius Group, Semler Scientific, and Metaplanet, which have all announced significant investments in Bitcoin. Notably, MicroStrategy remains the largest holder of Bitcoin among publicly traded companies, with a stash of 444,262 BTC worth an estimated $42.8 billion at current prices.
KULR’s announcement has been met with positive investor sentiment, as its stock price surged by 40.35% following the news. This significant increase in value underscores the growing confidence in KULR Technology’s business strategy and the long-term potential of Bitcoin.
Source: cryptopotato.com
