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Title: Strategy Copycat Expands Its Bitcoin Holdings
In a move that has sent shockwaves throughout the cryptocurrency market, KULR Technology Group, a thermal management solutions and energy storage systems company, has announced plans to expand its Bitcoin holdings. The development comes as no surprise to those who have been following the company’s recent actions.
KULR Technology Group recently revealed that it will be allocating roughly 90% of its surplus cash towards purchasing Bitcoin. This bold move is reminiscent of business intelligence firm MicroStrategy, which made a similar bet on Bitcoin in the past and has since seen significant returns on its investment.
Following its December announcement, KULR’s shares experienced a massive rally, with investors seeking to capitalize on the company’s newfound cryptocurrency ambitions. As a result, shares have climbed by approximately 2% this Tuesday, further evidence of investor enthusiasm for the strategy.
Notably, KULR is not stopping at simply holding onto its Bitcoin reserves. The company has also announced plans to continue expanding its holdings, aiming to reach a total of around 700 coins. This move underscores the conviction behind the company’s cryptocurrency bet and highlights its commitment to the asset class.
It remains to be seen whether this bold strategy will pay off for KULR in the long run.
Source: https://u.today/strategy-copycat-expands-its-bitcoin-holdings
