KULR Technology launches a Bitcoin treasury with a purchase of 21 million dollars
The publicly traded company is the latest to adopt a Bitcoin treasury, joining a growing number of companies adding BTC to their balance sheets.
KULR Technology Group, which is listed on the New York Stock Exchange, announced the acquisition of 217.18 Bitcoin
for approximately 21 million dollars, marking the launch of its Bitcoin treasury.
According to an announcement on December 26, the purchase was made at an average price of $96,556.53 per BTC. KULR said that the acquisition is the first of several planned purchases as part of a broader strategy to allocate up to 90% of its excess cash to Bitcoin.
The company selected Coinbase Prime to provide custody and self-custody wallet services for its BTC.
In comments to Cointelegraph, KULR's CEO, Michael Mo, said that MicroStrategy's Bitcoin approach inspired the move.