Key Takeaways
- KULR purchased 217.18 Bitcoin for $21 million.
- The company plans to allocate up to 90% of surplus cash to Bitcoin.
- CEO Michael Mo sees Bitcoin as a safeguard against economic risks.
KULR Technology Group, Inc. (NYSE American: KULR), an advanced energy management platform leader, announced its acquisition of 217.18 Bitcoin (BTC) for $21 million.
The purchase, made at an average price of $96,556.53 per BTC, signifies the company’s initial move under its new Bitcoin treasury strategy.
Treasury Strategy Details
The announcement follows KULR’s December 4th decision to allocate up to 90% of its surplus cash to Bitcoin.
The company emphasized flexibility, stating future acquisitions would depend on market conditions and operational needs.
KULR selected Coinbase Prime for custody and wallet services.
CEO Commentary
KULR CEO Michael Mo highlighted Bitcoin’s growing global acceptance, stating:
Given the unique characteristics of BTC, it provides long-term appreciation and a bulwark against geopolitical, inflationary, and macro-economic trends.
He expressed confidence in the strategy’s potential to enhance KULR’s financial position as the company expands operations.
Government Recognition
This acquisition aligns with increasing governmental recognition of Bitcoin in the U.S. Recently, Senator Cynthia Lummis proposed a national Bitcoin reserve, and President-Elect Donald Trump mentioned the possibility of a federal Bitcoin stockpile.
