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The publicly traded company is the latest to adopt a Bitcoin treasury, joining a growing number of firms adding BTC to their balance sheets.
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New York Stock Exchange-listed KULR Technology Group has announced the acquisition of 217.18 Bitcoin (BTC) for approximately $21 million, marking the launch of its Bitcoin treasury.
According to a Dec. 26 announcement, the purchase was made at an average price of $96,556.53 per Bitcoin. KULR said the acquisition is the first of several planned purchases as part of a broader strategy to allocate up to 90% of its surplus cash into Bitcoin.
The company selected Coinbase Prime to provide custody and self-custodial wallet services for its BTC.
In comments to Cointelegraph, KULR’s CEO Michael Mo said MicroStrategy’s Bitcoin approach inspired the move:
“He [Michael Syalor] calls BTC digital energy, which really resonated with our mission because we are an energy management company for batteries and space applications are our core.”
Related: Saylor floats US crypto framework with $81T Bitcoin reserve plan
KURL conducted a survey on X to gauge shareholder support for this strategy, and the response was positive.
“We received an overwhelming “Yes.” Here we are buying our first block of BTC and entering into the future of money,” said Mo. “We believe that BTC is the future of money.”
KULR is among several companies that unveiled Bitcoin treasury strategies in December, following the cryptocurrency’s recent milestone of surpassing the $100,000 mark.
On Dec. 23, Canadian firm Matador Technologies disclosed the addition of Bitcoin to its balance sheet as part of a long-term capital preservation strategy. The company’s board approved the initial purchase of $4.5 million worth of Bitcoin, with plans for further acquisitions.
Another firm that recently added digital assets to its treasury is biopharmaceutical company Quantum BioPharma, which announced the purchase of $1 million worth of Bitcoin and other cryptocurrencies on Dec. 20.
Japanese investment firm Metaplanet has also made its largest-ever Bitcoin acquisition over the past few days, buying nearly 620 BTC.
This Bitcoin treasury strategy was pioneered by MicroStrategy in 2020. The company now holds over 444,000 BTC in its treasury and is seeking shareholders’ approval to expand purchases in 2025.
MicroStrategy’s goal is to purchase an additional $42 billion worth of Bitcoin in the coming years.
“We envision that the future of a dynamic corporation is based on three pillars: super intelligence through AI, automated workforce through robotics and future of money through BTC, said KULR’s CEO. “I believe the whole industry is still at the very early stage of figuring out how to tie them together.”
Related: Why tech giants like Amazon may hesitate to adopt Bitcoin
This article first appeared at Cointelegraph.com News
