KULR invests $21 million in Bitcoin
The company plans to allocate 90% of its surplus cash to Bitcoin, reflecting a strong belief in the cryptocurrency’s growing adoption and potential to enhance its financial standing.
KULR Technology, a US-based firm specialising in thermal management solutions, has boldly invested $21 million in Bitcoin. The purchase marks the beginning of its strategy to allocate 90% of its surplus cash to the leading cryptocurrency. The company acquired 217.18 BTC at an average price of $96,556.53 per coin.
The decision aligns with KULR’s belief in Bitcoin’s growing adoption and potential to enhance its financial standing. CEO Michael Mo stated that the investment would support the company’s growth and strengthen its balance sheet. KULR utilised Coinbase’s Prime platform for custody and wallet services to ensure the secure handling of its digital assets.
KULR joins a wave of companies embracing Bitcoin as part of their financial strategies. Firms like Genius Group and MicroStrategy have also increased their holdings, viewing Bitcoin as a hedge against inflation and a tool for innovation. This trend highlights the cryptocurrency’s rising role in corporate treasury management.
