The Latest Bitcoin Treasury Purchase by KULR Technology Group, Inc.
- The $21 million BTC purchase follows the KULR’s announcement on Dec. 4.
- Other companies to launch a Bitcoin treasury strategy in recent weeks include Rumble, Marathon Digital, Semler Scientific and Thumzup.
- MicroStrategy is the biggest corporate holder of Bitcoin with over 444k BTC
KULR Technology Group, Inc. Enters the Bitcoin Market
KULR Technology Group, Inc., a tech company listed on the New York Stock Exchange, has joined the trend of adopting Bitcoin as a treasury asset.
After announcing its plans to add BTC to its treasury, KULR officially began the initiative on Dec. 26 by purchasing 217.18 bitcoin for $21 million.
The average purchase price for KULR’s bitcoin was $96,556.53 per BTC.
On Dec. 4, when the company disclosed its Bitcoin treasury strategy, it outlined its intention to allocate up to 90% of surplus cash to the flagship cryptocurrency.
Companies Embracing Bitcoin Treasury Strategies
With optimism high and several companies showing interest in Bitcoin, KULR’s move is part of a larger trend. Companies like Rumble, Boyaa Interactive, Thumzup, Marathon Digital, and Metaplanet have all entered the Bitcoin market.
MicroStrategy, with 444,262 BTC acquired for over $27 billion, remains a prominent figure in the corporate Bitcoin space.
KULR has announced its plans for ongoing Bitcoin purchases, with Coinbase Prime providing custody and wallet services for its BTC holdings.
At the time of writing, Bitcoin was trading around $95,670, experiencing a 3% decrease in the past 24 hours.
