KULR Technology has established a Bitcoin Treasury with a $21M investment in BTC

KULR Technology Group has become the latest company to adopt the Bitcoin Treasury strategy, announcing that it has acquired 217.18 Bitcoin (BTC) for approximately $21 million.

In a post shared on X on December 26, the firm revealed that the purchase was made at an average of $96,556.53 in BTC.

KULR Bitcoin Treasury Strategy

The acquisition is the first in a series of acquisitions as part of the New York Stock Exchange-listed company's broader financial strategy, according to an accompanying press release.

In the statement, KULR also revealed that it has partnered with Coinbase Prime to accept institutional and self-storage wallet services for BTC and USDC.

The company first announced its Bitcoin Treasury strategy on December 4, outlining plans to allocate up to 90% of its surplus cash to the cryptocurrency.

Michael Mo, chairman and CEO of KUR, highlighted the company's belief in Bitcoin's long-term potential:

“We believe the growing global adoption of Bitcoin is still in its early stages. Companies, financial institutions, governments and capital markets are incorporating blockchain technology, and BTC in particular, into their entire economic toolset.”

He also explained the unique features of cryptocurrencies that protect against inflation, geopolitical and macroeconomic challenges while providing long-term appreciation.

The executive expressed confidence that this strategy would strengthen KUR's financial position, expand operations and establish an unassailable financial reserve.

The company is focused on energy storage and management solutions. According to Google Finance, the stock price reacted positively to the news, rising 40.35 percent in the last 24 hours.

Corporate Adoption of Bitcoin Gains Momentum

KULR's acquisition of Bitcoin is part of a wider trend of companies embracing crypto as a key part of their financial strategies. Recently, Rumble, the popular online video streaming platform, announced plans to allocate some of its surplus cash to the number one virtual currency. Along with this, the company has set a target of up to $20 million for BTC investments.

Similarly, Genius Group, a firm focused on artificial intelligence, announced a $4 million purchase of Bitcoin, bringing its stack to 153 coins. This comes after the company announced plans to adopt a “Bitcoin-first” strategy, allocating 90% or more of its reserves to the trillion-dollar cryptocurrency to take advantage of its long-term value storage potential.

Other companies, including Semler Scientific and Japan's Metaplanet, have expanded their holdings to use bitcoin as a strategic reserve asset. MicroStrategy, which pioneered the strategy, remains the largest holder of the asset among publicly traded companies, with 444,262 BTC in stock, valued at $42.8 billion at current prices.