KULR Technology, a company specializing in thermal management solutions, has made a significant financial move by investing $21 million in Bitcoin. This strategic decision reflects KULR’s plan to allocate up to 90% of its surplus cash to Bitcoin, a part of its broader Bitcoin Treasury strategy. The acquisition included 217.18 bitcoins, purchased at an average price of $96,556.53 each. Following this announcement, KULR’s shares experienced a rise of 3.51% in pre-market trading, as reported by Nasdaq.
In support of this initiative, KULR has chosen Coinbase’s Prime platform to provide custody services, alongside USDC and self-custodial wallet services. CEO Michael Mo highlighted the increasing global adoption of Bitcoin as a key influence on their strategy, emphasizing its potential to reinforce the company’s financial stability and promote growth.
KULR’s move aligns with a broader trend of corporations integrating cryptocurrency into their financial strategies. For instance, Genius Group, an artificial intelligence company, recently invested $4 million in Bitcoin, resulting in a total of 153 bitcoins held under their “Bitcoin-first” approach, focusing 90% of reserves on the cryptocurrency. Similarly, businesses like MicroStrategy and Acurx are enhancing their Bitcoin holdings to utilize its role as a hedge against inflation and a store of value, advancing technological innovation.
