Energy management firm KULR Technology Group has announced it has added a substantial amount of bitcoin (BTC) to its Bitcoin Treasury, a day after the crypto asset reached a new all-time high of $109,000.
KULR Buys Big
According to the company, it acquired 79.39 BTC, valued at $8 million. The crypto asset was bought at an average price of $101,659 per coin, including fees and expenses. Following the recent buy, the company now holds 510 BTC, worth approximately $50 million.
This strategic decision aligns with KULR’s Bitcoin Treasury Strategy, which was unveiled on December 4, 2024. Under this strategy, the company pledged to allocate up to 90% of its excess cash reserves to bitcoin.
So far this year, KULR has realized a BTC yield of 127%, utilizing a mix of surplus cash and its At-The-Market (ATM) equity program to finance acquisitions.
KULR employs “BTC Yield” as a key performance indicator (KPI) for its Bitcoin Treasury strategy. BTC Yield is determined by measuring the period-to-period percentage change in the ratio of the company’s bitcoin holdings to its Assumed Fully Diluted Shares Outstanding. This KPI allows KULR to evaluate the success of its bitcoin acquisition strategy in a way that the company believes enhances shareholder value.
MicroStrategy Acquires More BTC
The latest buy comes as American business intelligence company and the world’s first institutional bitcoin (BTC) holder, MicroStrategy, recently acquired 11,000 BTC, valued at $1.1 billion, at an average price of $101,191 per bitcoin. According to the firm, MicroStrategy currently holds 461 bitcoins, worth $29.3 billion, bought for $63,610 per coin.
Since November 2024, the company has consistently announced weekly BTC purchases. Saylor has stated that he intends to continue accumulating bitcoin regardless of its price. He particularly noted in an interview that he would still purchase BTC at a million dollars.
Before this latest buy, the business intelligence firm added 1,070 BTC ($101 million) to its portfolio. The acquisition, disclosed in a Form 8-K filing with the Securities and Exchange Commission (SEC), propels the company to own 500,000 BTC.
