Energy management platform KULR Technology is debuting its Bitcoin (BTC) treasury strategy with the acquisition of $21 million worth of the flagship crypto asset.
In a new statement, the company says it bought 217.18 BTC at an average price of $96,556.53 per Bitcoin. The asset is currently trading for $95,737.
KULR completed the purchase just weeks after announcing that it would embrace a Bitcoin treasury strategy. On December 4th, the firm said that it would allocate up to 90% of its surplus cash for BTC.
“The $21 million of BTC purchased since the announcement is the first of ongoing purchases the Company intends to make going forward.”
The firm says US-based crypto exchange Coinbase will provide custody and self-custodial wallet services for its BTC as well as support for the stablecoin USDC.
Companies have been copying the Bitcoin treasury strategy of software firm MicroStrategy, which started buying BTC in 2020.
In November, YouTube rival Rumble announced that its board of directors voted to approve a corporate treasury diversification strategy that allocates a portion of the company’s excess cash reserves to Bitcoin.
Bitcoin mining company MARA now owns 44,394 BTC worth $4.25 billion following its acquisition of 15,574 BTC earlier this month. Medical technology and software company Semler Scientific has also accumulated 1,873 BTC worth $179 million in its Bitcoin treasury holdings.
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