Public energy tech company KULR purchases 217 BTC for $21m

KULR Technology invested $21 million in Bitcoin as part of its strategy to allocate 90% of excess cash to cryptocurrency.

KULR, a US-based company specializing primarily in thermal management solutions for electronic components and batteries, purchased 217.18 Bitcoin (BTC) for approximately $21 million as part of the company’s Bitcoin Treasury strategy.

Bitcoins were purchased at an average price of $96,556.53 per BTC, the San Diego-based company said in a press release on Thursday, December 26. Amid the news, shares of KULR rose 3.51% premarket, according to Nasdaq data.

This acquisition comes after the company previously announced its Bitcoin Treasury strategy, in which it said it would allocate up to 90% of its excess cash to Bitcoin. KULR said the $21 million acquisition is the first of ongoing acquisitions it plans to make in the future. According to the press release, KULR chose Coinbase’s Prime platform to provide custody, USDC and personal custody wallet services for its BTC.

KULR CEO Michael Mo previously emphasized that Bitcoin’s increasing adoption worldwide was a key factor in the decision, stating that the asset could strengthen the company’s balance sheet while supporting its operational growth.

KULR’s Bitcoin acquisition comes amid a broader trend of companies adopting cryptocurrency as part of their financial strategies. Artificial intelligence company Genius Group also recently announced the purchase of $4 million in BTC, increasing its holdings to 153 BTC as part of its “Bitcoin first” strategy to allocate 90% or more of its reserves to the cryptocurrency.

Other companies, including MicroStrategy and Nasdaq-listed Acurx, have also expanded their holdings to capitalize on Bitcoin’s role as a hedge against inflation and a store of value that supports technological innovation.