KULR Technology Adopts Bitcoin Treasury Strategy with $21 Million Purchase, Stock Rises 30%

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KULR Technology entered the Bitcoin market with a purchase of 217.18 BTC worth $21 million at an average price of $96,556 per Bitcoin.

The acquisition marks the first step in the energy technology company’s newly launched Bitcoin treasury strategy, announced on December 4, which aims to invest up to 90% of its excess cash in Bitcoin as a long-term asset.

Coinbase’s Prime platform will provide custody, USDC, and self-custody wallet services for the company’s holdings.

Following the announcement, KULR shares rose 30%, trading at $4.55 at press time.

KULR’s move reflects a growing trend among companies to add Bitcoin to their balance sheets.

Marathon Digital Holdings currently holds 44,394 BTC worth $4.2 billion, while Semler Scientific has added 2,084 BTC.

Quantum BioPharma recently announced the purchase of $1 million in Bitcoin and other digital assets, while Canadian company Matador Technologies announced the purchase of $4.5 million in Bitcoin on December 23.

Japanese investment firm Metaplanet also recently acquired 620 BTC, marking its largest purchase ever.

By leveraging excess cash for Bitcoin, KULR follows companies like MicroStrategy, whose Bitcoin investments have set the standard for treasury strategies.

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