Bitcoin
NYSE-Listed Tech Company Buys $21 Million In Bitcoin
A technology company listed in the New York Stock Exchange (NYSE) initiated a shift in its treasury management to Bitcoin as the company moved towards putting its surplus funds into cryptocurrency.
KULR Technology Group, Inc. has embraced cryptocurrency after buying more than 200 Bitcoins worth $21 million, following the lead of other tech industry leaders who dipped their toes into digital assets.
New Treasury Strategy
KULR Technology Group, Inc. announced that it has redefined its treasury strategy by turning to Bitcoin, saying that the company drew its inspiration from other tech giants who adopted cryptocurrencies.
The NYSE-listed company said that it has completed buying around 217 Bitcoins with an estimated value of $21 million, adding that the tech firm purchased the firstborn crypto at an average $96,556 per coin.
KULR Technology Group CEO Michael Mo said that the company followed tech industry leaders who pioneered the adoption of Bitcoin in their treasury management.
KULR Launches Bitcoin Treasury with Purchase of 217.18 Bitcoin for $21 Million.
Watch now and check out our press release for more information: https://t.co/GClCvKTjUH pic.twitter.com/BmUWYXzMuY
— KULR Technology (@KULRTech) December 26, 2024
Mo thanked MicroStrategy co-founder Michael Saylor for showing how to use cryptocurrency in treasury management, saying that Saylor raised their awareness of Bitcoin as a new treasury strategy.
“KULR Technology Group is truly walking in the shadow of giants, like MicroStrategy Incorporated & Nvidia Corp. It’s because of these companies, leaders, & their approach to Bitcoin & AI that have paved the way for KULR,” Mo said in a post.
Saylor, a staunch Bitcoin advocate, has urged companies and the US government to shift their investment towards Bitcoin.
Thank you @saylor for raising awareness for our new $BTC Treasury Strategy.@KULRTech is truly walking in the shadow of giants, like $MSTR & $NVDA. It’s because of these companies, leaders, & their approach to #bitcoin & #AI that have paved the way for $KULR.
Incredibly…
— Michael Mo (@michaelmokulr) December 26, 2024
Surplus Cash To Bitcoin
In a press statement, KULR Technology Group said that the Bitcoin purchase is part of the company’s new treasury strategy, adding that the tech firm aims to allocate up to 90% of its surplus cash to the alpha cryptocurrency.
The company revealed that the acquisition of $21 million worth of Bitcoin is only the first of a series of ongoing crypto purchases the firm would be doing as it moves forward with its treasury strategy.
According to the publicly listed company, it chose the crypto exchange Coinbase as its prime platform for its custody solution needs. The platform will also be the self-custodial wallet for the company’s Bitcoins.
Moreover, the stock value of the tech firm surged by 40% after it announced the Bitcoin strategic reserve plan.
A Strategic Alignment
Mo revealed that KULR’s Bitcoin strategy is greatly influenced by how MicroStrategy approaches BTC.
“He calls BTC digital energy, which really resonated with our mission because we are an energy management company for batteries and space applications are our core,” Mo said.
He explained that the relationship between KULR’s core business and Bitcoin’s fundamental technology is linked by a strategic alignment in their investment strategy.
KULR Technology Group joins numerous companies that incorporate Bitcoin in their treasury management such as Matador Technologies, a Canadian company, which plans to buy $4.5 million worth of Bitcoin to preserve its capital.
Featured image from Pexels, chart from TradingView
