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KULR Technology Establishes Bitcoin Treasury with $21M Investment in BTC
In a move seen as a significant step forward for institutional adoption of Bitcoin, publicly-traded company KULR Technology has announced the establishment of a Bitcoin treasury strategy. As part of this plan, the company has invested approximately $21 million in the world’s largest cryptocurrency by market capitalization.
According to sources familiar with the matter, the investment was made at an average price of $96,556.53 per BTC. This move marks another major milestone for institutional investors and their growing interest in Bitcoin as a store of value and a hedge against inflationary pressures.
Notably, this significant investment is part of KULR’s broader financial strategy aimed at strengthening its financial position, expanding operations, and establishing a resilient financial reserve. The company has emphasized the potential benefits that Bitcoin offers as an asset class, describing it as a safeguard against macroeconomic challenges while also offering long-term appreciation.
This decision comes amidst an increasingly positive sentiment in the crypto markets, with many companies and institutions recognizing the growing importance of digital assets like Bitcoin. The move is likely to be seen as a major endorsement by institutional investors, who have been cautious about investing in cryptocurrencies due to regulatory uncertainty and market volatility.
In addition to this massive investment, KULR has also partnered with Coinbase Prime to receive institutional and self-custodial wallet services for its BTC holdings. Furthermore, the company will be supplied with USDC, a move that underscores the growing importance of stablecoins in the crypto ecosystem.
The development is significant as it demonstrates the growing interest in Bitcoin as an asset class by publicly-traded companies. It serves as a testament to the increasing mainstream acceptance and recognition of cryptocurrencies by major institutions and governments alike.
KULR’s decision will likely set a new benchmark for institutional adoption, paving the way for other major players to follow suit.
Source: cryptopotato.com
