KULR Technology Group, Inc., a firm specialized in managing thermal energy, expanded its ownership of Bitcoin by acquiring 213.4 Bitcoins valued at approximately $21 million.
The transaction conducted via Coinbase Prime aligns with KULR’s corporate strategy to allocate most of its funds into Bitcoin (BTC), as outlined in their recent treasury plan. According to Arkham Intelligence, this latest transaction increases KULR’s Bitcoin holdings to about 430.6 BTC, which is equivalent to around $42 million, with an average cost of roughly $97,537 per Bitcoin.
In December 2024, KULR Technology made its second significant Bitcoin purchase within a month. On the 26th of that month, they acquired 217.18 Bitcoins for approximately $21 million, with each Bitcoin costing an average of about $96,556.
As a researcher, I recently observed that KULR Technology went on to procure 213.4 Bitcoins (approximately $21M) from Coinbase Prime about 20 minutes ago, marking their second Bitcoin purchase.
KULR Technology announced their Bitcoin Treasury Strategy in December 2024, aiming to convert 90% of the company’s cash reserves into Bitcoins. Their initial purchase took place on December 24th for a total of $2100,000 at approximately $96,556 per BTC.
— 余烬 (@EmberCN) January 6, 2025
As a crypto investor, I’ve found myself drawn to KULR Technology, a pioneer established in 2013 and based in San Diego. This innovative company has been developing cutting-edge thermal management solutions that span various sectors, including energy storage, electric vehicles, aerospace, and cloud computing. What sets them apart is their focus on new-age technology, particularly in the realms of battery safety and effective thermal energy management. They collaborate with industries requiring top-tier energy solutions, ensuring they stay at the forefront of technological advancements.
As per Michael Mo, the CEO of KULR Technology and a staunch supporter of BTC, the firm’s Bitcoin savings plan enhances its financial stability, enabling broader operational growth and strategic long-term investment management by employing a self-governing reserve approach.
BTC will be on menu everywhere!
— Michael Mo (@michaelmokulr) January 3, 2025
He emphasized that the unique features of Bitcoin could attract more substantial attention in the future and serve as a protective measure against unfolding situations like geopolitical changes, inflation, and broader economic events affecting advanced economies.
The scarcity of only 21 million Bitcoin (BTC) coins in circulation makes it an appealing asset for companies’ treasuries, especially considering its potential for high returns and improved liquidity. Companies such as KULR Technology are utilizing this opportunity. Furthermore, BTC serves as a foundation against inflation and economic instability, which aligns with the increasing trend among institutions adopting Bitcoin.
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2025-01-06 09:44