California-based KULR Technology Group recently entered the Bitcoin (BTC) market, purchasing 217.18 BTC valued at approximately $21 million. This Bitcoin purchase announcement quickly reignited confidence in the firm, with its stock soaring 30% in the last 24 hours.
KULR, which offers energy management solutions, said it bought 217.18 BTC at an average price of $96,556 per coin. The move comes after the company announced plans to launch a “Bitcoin Treasury” strategy earlier this month.
At the time, KULR said it would allocate up to 90% of its surplus cash to the digital currency as a long-term asset. Thus, this $21 million purchase marks its first step toward that strategy, with plans to buy additional Bitcoin.
Per the details, Coinbase’s Prime platform will provide custody, USDC, and self-custodial wallet services for KULR’s Bitcoin holdings. KULR’s shares shot up 30% following the announcement and now trades at $4.55 at the time of writing.
The action taken by KULR is consistent with an increasing trend of businesses adding Bitcoin to their balance sheets.
KULR Technology Group is known for delivering innovative energy storage solutions for space, aerospace, and defense.
The firm leverages an in-house battery design expertise foundation, a comprehensive cell and battery testing suite, and battery fabrication and production capabilities. The company’s solutions allow the delivery of commercial off-the-shelf and custom next-generation energy storage systems on a rapid timeline and at reduced cost.
This year, Bitcoin investors were rewarded with big returns as the cryptocurrency soared to record highs following the reelection of Donald Trump.
The President-elect has repeatedly promised to make the U.S. the “crypto capital of the planet.” Trump’s attention towards the crypto industry has reignited confidence among traders and investors, leading to Bitcoin’s surging prices this year.
Michael Saylor’s MicroStrategy is another company that has benefited from the Bitcoin runup. MicroStrategy is currently the biggest corporate holder of the cryptocurrency, with holdings reaching 423,650 BTC, per a CNF report. Additionally, the company’s shares have surged 50% since the US election and currently trades at $341.05.
Notably, MicroStrategy is not the only firm that increased its Bitcoin stake over the past year and benefited from the recent surge. CNF reported earlier this month that MARA Holdings, a popular Bitcoin miner, bought 11,774 BTC at an average price of $96,000 per coin. The firm currently holds 44,394 BTC, valued at about $4.2 billion at the current market price.
Furthermore, Japanese investment firm Metaplanet recently acquired 620 BTC, marking its largest-ever purchase. Also, Canadian firm Matador Technologies disclosed a $4.5 million Bitcoin acquisition on December 23, while Quantum BioPharma recently announced a $1 million Bitcoin purchase amid other cryptocurrencies.
Godfrey Benjamin is an experienced crypto journalist whose primary goal is to educate everyone about the prospects of Web 3.0. His love for crypto was sparked during his time as a former banker when he recognized the clear advantages of decentralized money over traditional payments. Business Email: info@crypto-news-flash.com Phone: +49 160 92211628
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