As an analyst with over two decades of experience in the financial industry, I find KULR Technology’s strategic investment in Bitcoin intriguing and forward-thinking. Having witnessed the evolution of cryptocurrencies from their inception, I can appreciate the potential that Bitcoin holds as a store of value and a hedge against inflation.
According to recent reports, KULR Technology is putting $21 million into Bitcoin, following a plan to devote around 90% of their excess funds towards this digital currency.
American firm KULR, known for its expertise in thermal management systems particularly for electronic devices and batteries, has purchased approximately 217.18 Bitcoins (BTC), valued at around $21 million, under its Bitcoin savings plan.
On December 26th, a press release announced by their San Diego headquarters stated that the company acquired Bitcoins at an average cost of approximately $96,556.53 per Bitcoin. Following this announcement, KULR’s shares increased by 3.51% in the pre-market hours, according to data from Nasdaq.
KULR Technology Group has made its initial Bitcoin purchase, totaling $21 million, as part of their strategy to invest up to 90% of their excess cash in Bitcoin, as previously announced by the company. This investment marks the start of ongoing Bitcoin acquisitions they plan for the future. They have chosen Coinbase’s Prime platform for custodial services, USDC support, and a self-custodial wallet for managing their Bitcoin holdings, as detailed in the press release.
Previously, the CEO of KULR, Michael Mo, highlighted that the widespread acceptance of Bitcoin worldwide played a significant role in their decision-making process. He pointed out that incorporating this digital asset into their portfolio could bolster their financial stability and facilitate their operational expansion.
KULR Technology Group’s decision to buy Bitcoin aligns with a growing number of businesses adopting cryptocurrencies within their financial plans. Similarly, Genius Group, an AI company, has declared a $4 million investment in Bitcoin, boosting its holdings to 153 BTC. This move is part of Genius Group’s strategy to prioritize Bitcoin, with the aim of having 90% or more of its reserves allocated to this cryptocurrency.
In addition to MicroStrategy and publicly traded company Acurx, other businesses have increased their Bitcoin investments to leverage its function as a safeguard against inflation and an asset backing technological advancements.
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2024-12-26 18:28