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Thumzup Media and KULR Technology Follow MicroStrategy’s Model with Major Bitcoin Buys
In a recent development, publicly traded companies Thumzup Media and KULR Technology have decided to follow in the footsteps of MicroStrategy by making substantial purchases of Bitcoin. This move comes as no surprise, given the massive returns on investment that MicroStrategy has seen since embracing cryptocurrency.
Thumzup Media, a social media marketing firm based out of Los Angeles, announced that it will be investing $1 million in Bitcoin, with plans to allocate up to 90% of its liquid assets into the digital currency. This decision marks a significant shift for the company, as it prepares to start paying its contractors in Bitcoin within the next few weeks.
KULR Technology, an energy storage solutions provider based out of San Diego, also announced that it has expanded its Bitcoin holdings by $21 million, bringing its total treasury to $42 million. This move is part of a larger strategy for the company, which aims to hold 90% of its liquid assets in Bitcoin.
It’s worth noting that both companies are following in the footsteps of MicroStrategy, a business intelligence firm that has been aggressively accumulating Bitcoin since 2020. Since embracing cryptocurrency, MicroStrategy’s stock price has increased by over 200%, with many analysts attributing this success to the company’s shrewd investment decisions.
The decision by these publicly traded companies to invest heavily in Bitcoin is a clear indication that institutional interest in the digital currency remains strong. The recent surge in popularity of Bitcoin and other cryptocurrencies has led many investors to reconsider their stance on digital assets, with some even going as far as to say that Bitcoin could be considered an asset class.
It will be interesting to see how these companies’ decisions impact their stock prices moving forward. If MicroStrategy’s success is any indication, Thumzup Media and KULR Technology may be wise investments for those looking to diversify their portfolios.
Source: cryptonewsland.com
