KULR Technology Group, listed on the New York Stock Exchange, has announced the purchase of 217.18 Bitcoins for approximately $21 million, marking its entry into the realm of Bitcoin treasuries. This acquisition is part of the company’s broader strategy to allocate up to 90% of its surplus cash into Bitcoin, aiming to align with a growing trend among corporations seeking to integrate cryptocurrency into their financial structures.
The firm revealed that the Bitcoins were acquired at an average price of $96,556.53 each, with Coinbase Prime chosen to provide custody and self-custodial wallet services. KULR’s CEO, Michael Mo, cited MicroStrategy’s approach to Bitcoin as a source of inspiration, noting that the concept of Bitcoin as “digital energy” resonated strongly with KULR’s focus on energy management.
In a show of support, a survey conducted on X indicated substantial approval from shareholders for this strategic move. “We received an overwhelming ‘Yes,'” commented Mo, as the company embarks on what it describes as an entry into the “future of money.”
KULR’s decision follows notable actions by other firms. On December 23, Canadian company Matador Technologies incorporated Bitcoin into its balance sheet as part of a long-term capital preservation plan, approving an initial $4.5 million purchase with plans for additional acquisitions. Similarly, Quantum BioPharma recently invested $1 million in Bitcoin and other cryptocurrencies, while Japanese investment firm Metaplanet undertook its largest Bitcoin acquisition, purchasing nearly 620 Bitcoins.
The strategy of holding Bitcoin as a treasury asset was initially spearheaded by MicroStrategy in 2020. MicroStrategy now holds over 444,000 Bitcoins and is considering expanding this holding further by 2025, with a potential additional purchase worth $42 billion.
KULR’s approach exemplifies a wider belief in the transformative potential of Bitcoin within the financial sector, as companies continue to explore its benefits as part of a diversified corporate strategy. Mo emphasized, “We envision the future of a dynamic corporation based on three pillars: superintelligence through AI, an automated workforce through robotics, and the future of money through Bitcoin.”
