KULR Technology Buys 217 BTC After Getting Inspired By MicroStrategy

KULR Technology Group, Inc. has acquired 217.18 BTC at an average price of $96,556.53. This purchase marks the beginning of a broader plan to allocate up to 90% of excess cash into crypto, following the lead of industry giants like MicroStrategy. After revealing the Bitcoin strategy, KULR saw its stock surge by nearly 40% in value.

A Novel Strategy

As announced on Thursday, KULR acquired the aforementioned Bitcoin at an average price of $96,556.53 per coin. This marks just the first step in a series of purchases, with the company planning to invest up to 90% of its surplus cash into BTC. To manage its crypto assets, KULR has partnered with Coinbase Prime for custody solutions and self-custodial wallet services.

CEO Michael Mo shared that the decision to purchase Bitcoin was heavily inspired by MicroStrategy and its Executive Chairman and Co-Founder, Michael Saylor. To gauge shareholder support for this move, KULR conducted a survey, which showed strong approval for the initiative, with Mo revealing that they received an overwhelmingly positive response in favor of buying BTC.

A Growing List

KULR joins a growing list of companies incorporating Bitcoin into their treasury reserves. Just days earlier, Matador Technologies, based in Canada, announced it would add $4.5 million in Bitcoin to its balance sheet as part of a long-term capital preservation strategy. On December 20th, Quantum BioPharma, a biopharmaceutical firm, revealed it had invested $1 million in Bitcoin and other cryptocurrencies. Meanwhile, Metaplanet in Japan recently made its largest Bitcoin purchase to date, acquiring nearly 620 BTC.

The trend of corporate Bitcoin adoption gained momentum in 2020 when MicroStrategy made its first significant investment. Today, the company holds over 444,000 BTC and plans to expand its holdings by an additional $42 billion, subject to shareholder approval.