KULR tech stock soars to all-time high after $21 million Bitcoin purchase

• Shares of KULR Technology Group rose to an all-time high on Thursday after the energy storage provider made its first investment in Bitcoin worth $21 million.

• The company purchased 217.18 Bitcoins and announced plans to purchase more.

• KULR announced that it will use up to 90% of its excess cash to purchase Bitcoin as part of its “Bitcoin Treasury” strategy.

Shares of KULR Technology Group (KULR) rose to a record high of $4.80 on Thursday after the energy storage company made its first investment in Bitcoin worth $21 million.

The power storage solutions provider reported on Thursday that it purchased 217.18 bitcoins at an average price of $96,556 per bitcoin.

The move comes after the company announced earlier this month that it would launch a “Bitcoin Treasury” strategy that would see it convert up to 90% of its excess cash into the digital currency. It said this $21 million purchase is the first step of this strategy and plans to purchase more Bitcoin in the future.

Bitcoin investors have been rewarded with big returns this year as the cryptocurrency hit record highs following the re-election of Donald Trump, who previously said he wanted to make the US the “crypto capital of the planet.”

Another company that has benefited from the Bitcoin rally is Microstrategy (MSTR), the cryptocurrency’s largest business owner. Its shares have risen 50% since the election, while KULR’s shares have risen more than 16-fold.

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