Bitcoin Strategy Takes Shape at NYSE-Listed KULR with $21M Acquisition
by aria-crypto.com
December 26, 2024 at 14:43
Bitcoin Strategy Takes Shape at NYSE-Listed KULR with $21M Acquisition
NYSE-listed KULR Technology Group, Inc. has recently purchased 217.18 Bitcoin at a cost of approximately $21 million. This acquisition, at an average price of $96,556.53 per Bitcoin, marks a significant move in the firm's new Bitcoin Treasury strategy. KULR plans to invest up to 90% of its surplus cash into Bitcoin, viewing it as a vital long-term investment. The company highlighted this purchase as just the start of more planned Bitcoin acquisitions. Specialized in energy storage solutions, KULR's move to integrate Bitcoin underscores its commitment to both technological innovation and financial strategy diversification. Partnering with Coinbase Prime, KULR aims to manage its cryptocurrency assets securely and efficiently. This strategy positions KULR alongside other major firms like MicroStrategy, reinforcing the trend of companies incorporating Bitcoin into their balance sheets. The firm's stock saw a 20.8% increase before the market opened on Thursday, indicating positive investor reception to its Bitcoin strategy.
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