The California-based battery manufacturer KULR Technology Group has announced the purchase of 217.18 bitcoins for approximately $21 million. The average price per BTC was $96,556.53. The investment is part of the company’s Bitcoin Treasury strategy, which aims to allocate up to 90% of its surplus cash to BTC.
KURL Invests $21M in BTC
According to the official press release, the purchase marks the first investment KULR plans to make in BTC, demonstrating its commitment to innovation and growth. The publicly traded company believes its decision to invest in Bitcoin is a bold move to expand its financial portfolio and increase its value.
KULR has selected the Coinbase Prime platform to provide custody, USDC, and self-custodial wallet services for its BTC. This partnership aims to secure the storage and management of KULR’s Bitcoin assets. Notably, the Coinbase Prime platform is designed to meet the needs of institutional investors like KULR, providing infrastructure for crypto management.
The battery firm’s announcement of its Bitcoin investment has generated interest in the financial and technology sectors, including crypto. As more companies vie for a share of the pioneer crypto, users are keen to see which company will adopt the BTC reserve next.
Meanwhile, the company’s stock KURL has experienced significant growth, increasing 2,411% since January to a current price of $4.52. The $989.73 million asset gained over 30% following the Bitcoin purchase announcement. The firm’s investment in Bitcoin and its growing revenue may position it for future growth.
Other Firms Keep Acquiring Bitcoin
Other firms are aggressively acquiring Bitcoin. MicroStrategy, for instance, has been on a buying spree, recently acquiring an additional 5,262 BTC for approximately $561 million, bringing its total holdings to 444,262. The move is part of MicroStrategy’s “Bitcoin-First” strategy, with the company’s CEO, Michael Saylor, being a vocal advocate for the crypto.
Japanese investment firm Metaplanet has also made a significant purchase, recently acquiring 619.7 BTC for $60.5 million as part of its growing BTC treasury strategy. On the other hand, Mara Holdings has also completed a $1.53 billion Bitcoin purchase, adding 15,574 BTC to its reserves and bringing its total holdings to 44,394 BTC.
