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KULR Technology Group, Inc. (NYSE:KULR) has made a significant move into the cryptocurrency market by purchasing 217.18 Bitcoin at an approximate cost of $21 million. This purchase, conducted at an average price of $96,556.53 per coin, initiates the company’s bold Bitcoin Treasury strategy. KULR plans to allocate up to 90% of its surplus cash into Bitcoin, eyeing it as a promising long-term investment.
The company, known for its expertise in energy storage solutions for industries like aerospace and defense, believes this acquisition marks just the start of ongoing investments in Bitcoin. By leveraging Bitcoin’s potential as a digital store of value, KULR is diversifying its cash reserves, aligning with its innovative approach in the energy sector.
To facilitate the management of its growing cryptocurrency portfolio, KULR has partnered with Coinbase Prime. This collaboration provides institutional-grade custody and self-custodial wallet services, ensuring robust security for the company’s digital assets.
