This marks the start of the company's broader strategy to allocate up to 90% of its surplus cash into Bitcoin.
KULR Technology Group, a company specializing in advanced energy management for aerospace and defense, has made a purchase of 217.18 Bitcoin for $21 million via Coinbase Prime, a platform offering secure custody and wallet services for institutional investors, the company said on Thursday. KULR’s average purchase price was $96,556.53 per Bitcoin.
KULR’s CEO, Michael Mo, said in a Tweet that he was inspired by how Microstrategy CEO Michael Saylor views Bitcoin as “digital energy,” explaining that Bitcoin fits into KULR’s long-term vision, which involves integrating artificial intelligence, robotics, and digital currency to create a modern corporate framework.
“We see the future of corporations built on three pillars: super intelligence through AI, an automated workforce through robotics, and the future of money through Bitcoin,” Mo said.
Before implementing the strategy, KULR surveyed its shareholders, who overwhelmingly supported the plan. The announcement led to a 40% surge in KULR’s stock price, highlighting investor confidence in the company’s forward-thinking approach.
KULR’s decision reflects a growing trend among corporations using Bitcoin as a treasury asset. MicroStrategy, Tesla, and Square are among the companies that have incorporated Bitcoin into their financial strategies. MicroStrategy, a leader in this space, holds over 444,000 Bitcoin and continues to expand its reserves. Some 73 public companies hold bitcoin, according to BitcoinTreasuries data.
Bitcoin is increasingly seen as a hedge against inflation and a long-term store of value due to its limited supply and decentralized nature. In recent weeks, other companies like Quantum BioPharma, a biopharmaceutical company, and Japan’s Metaplanet have made Bitcoin acquisitions.
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