KULR Technology Group, a New York Stock Exchange-listed company, has announced the acquisition of 217.18 Bitcoin (BTC) for approximately $21 million. This purchase marks the first in a series of planned acquisitions as part of the company's Bitcoin treasury strategy.
KULR Tech nology Group has adopted a Bitcoin treasury strategy, acquiring 217.18 Bitcoin (BTC) for approximately $21 million. The company revealed the purchase, made at an average price of $96,556.53 per BTC, in a December 26 post on X. This is the first in a series of planned purchases as part of the New York Stock Exchange-listed company's broader financial strategy.
KULR also stated it has partnered with Coinbase Prime for institutional and self-custodial wallet services for its BTC and to receive USDC. The company outlined its Bitcoin treasury strategy on December 4, planning to allocate up to 90% of its surplus cash into the cryptocurrency. KULR Chairman and CEO Michael Mo highlighted the company's belief in Bitcoin's long-term potential, stating, “We believe the growing global acceptance of Bitcoin is still in its early stages. Companies, financial institutions, governments, and the capital markets are recognizing and incorporating blockchain technology, and specifically, BTC, into their overall economic toolkits.” He further described Bitcoin as a safeguard against inflationary, geopolitical, and macroeconomic challenges while offering long-term appreciation. Mo expressed confidence that this strategy would strengthen KULR's financial position, expand operations, and establish a resilient financial reserve. The company specializes in energy storage and management solutions. According to Google Finance data, its stock price responded positively to the news, rising by 40.35% over the last 24 hours. KULR's Bitcoin acquisition is part of a broader trend of companies embracing crypto as a key component of their financial strategies. Recently, Rumble, the popular online video streaming platform, plans to allocate some of its surplus cash into the number one virtual currency
BITCOIN CRYPTOCURRENCY FINANCIAL STRATEGY TECH INVESTMENT
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stocks making the biggest moves midday: Broadcom, Honda, GameStop, KULR Technology and moreThese are the stocks posting the largest moves in midday trading.
Read more »
Michael Saylor Likens Satoshi Nakamoto to Prometheus, Here’s WhyBitcoin evangelist Saylor pitches Bitcoin and explains who Satoshi is to Dave Portnoy
Read more »
'Rich Dad Poor Dad' Author: 'Biggest Crash in History Coming. Buy Bitcoin Now'Bitcoin proponent Robert Kiyosaki makes crucial Bitcoin warning to boomers
Read more »
Michael Saylor Reacts to New 106k Bitcoin ATH With ‘I Will See You On The Moon’ BTC TweetBitcoin evangelist Saylor celebrates Bitcoin reaching a new historic peak
Read more »
Bitcoin (BTC) Hits ATH in Crucial Metric, Data ShowsBitcoin Energy Value, indicator of electricity price for Bitcoin (BTC) mining network, reaches $100,000
Read more »
UNIVELO Partners with AIMA Technology Group to Distribute High-Performance Electric Vehicles in North AmericaUNIVELO, a new Canadian distributor, joins forces with AIMA Technology Group to offer advanced electric vehicles, including motorcycles and e-bikes, designed for the North American market. AIMA's products meet UL-2849 standards and feature industry-leading components.
Read more »