KULR Technology Adopts Bitcoin Finance Strategy With $21M Purchase, Stock Rises 30%

Key Takeaways

KULR Technology Group bought 217.18 Bitcoin for $21 million as part of a new financial strategy.
The company's stock price went up 30% after they announced they were buying Bitcoin.

KULR technology into the Bitcoin market with a $21 million purchase of 217.18 BTC at an average price of $96,556 per Bitcoin.

The acquisition marks the first step in the energy technology company's newly announced Bitcoin Treasury strategy, announced on December 4, which aims to hold up to 90% of its surplus allocate to Bitcoin as a long-term asset.

Coinbase's Prime platform will provide escrow, USDC, and self-custody wallet services for the company's holdings.

Following the announcement, KULR stock jumped 30%, trading at $4.55 at press time.

KULR's move is a reflection of a growing trend among companies that are incorporating Bitcoin into their balance sheets.

Marathon Digital Holdings today stands at 44 394 ₩worth $4.2 billion, while Semler Scientific he added 2,084 BTC.

Quantum BioPharma recently announced a $1 million purchase of Bitcoin and other digital assets, while Canadian company Matador Technologies announced a $4.5 million Bitcoin acquisition on December 23.

Japanese investment firm Metaplanet also recently acquired 620 BTC, marking its largest purchase ever.

By acquiring additional funds for Bitcoin, KULR follows companies like MicroStrategy, whose Bitcoin investments have set the standard for financial strategies.