New York Stock Exchange-listed KULR Technology Group has entered the growing list of companies adopting Bitcoin treasuries. On December 26, the company revealed that it bought 217.18 Bitcoin for around $21 million, at an average price of $96,556.53 per Bitcoin. This marks the launch of KULR’s Bitcoin treasury strategy, with plans to allocate up to 90% of its surplus cash into the cryptocurrency.
KULR teamed up with Coinbase Prime to safeguard its Bitcoin through secure custody and wallet services. Inspired by MicroStrategy’s approach to Bitcoin, KULR’s CEO, Michael Mo, referred to Bitcoin as “digital energy,” a concept aligned with the company’s focus on energy management for batteries and space applications.
Before finalizing its Bitcoin purchase, KULR sought input from shareholders through a survey conducted on X (formerly Twitter). The overwhelming support for the move reinforced the company’s confidence in the strategy. CEO Mo stated, “We believe that Bitcoin is the future of money.”
KULR’s investment comes on the heels of Bitcoin’s recent milestone, surpassing $100,000 for the first time in December. Other companies, such as Matador Technologies and Quantum BioPharma, have also disclosed Bitcoin acquisitions in December, further signaling the growing adoption of Bitcoin as a long-term asset.
KULR’s strategic move mirrors the path set by MicroStrategy, which pioneered the Bitcoin treasury concept in 2020. MicroStrategy currently holds over 444,000 BTC and plans to expand its holdings by up to $42 billion in the coming years.
KULR’s CEO envisions a future where technology and finance converge through artificial intelligence, robotics, and Bitcoin. He believes the industry is still in its early stages of understanding how these elements can work together.
As KULR and other companies embrace Bitcoin as a financial tool, the trend highlights the increasing confidence in cryptocurrency as a long-term store of value and a critical component of the digital economy.
