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#KULR joins ranks of institutional investors by buying $21 million in Bitcoin.
🔸 KULR Technology Group has officially entered the cryptocurrency market by purchasing 217.18 Bitcoin ($BTC ), worth about $21 million.
🔸 This volume of purchases, at an average price of $96,556, is almost double the company’s total assets in 2023.
🔸 KULR plans to allocate up to 90% of its excess cash reserves to #Bitcoin❗ and is collaborating with the Coinbase exchange to this end.
The move comes as other companies such as Marathon Digital and Rumble have also recently made significant investments in Bitcoin.
🔸 Analysts believe that #MicroStrategy's success in investing in Bitcoin has raised concerns among public companies about missing out on opportunities.
🔸 KULR Technology Group has officially entered the cryptocurrency market by purchasing 217.18 Bitcoin ($BTC ), worth about $21 million.
🔸 This volume of purchases, at an average price of $96,556, is almost double the company’s total assets in 2023.
🔸 KULR plans to allocate up to 90% of its excess cash reserves to #Bitcoin❗ and is collaborating with the Coinbase exchange to this end.
The move comes as other companies such as Marathon Digital and Rumble have also recently made significant investments in Bitcoin.
🔸 Analysts believe that #MicroStrategy's success in investing in Bitcoin has raised concerns among public companies about missing out on opportunities.
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MicroStrategy continues to go "all-in" with Bitcoin
MicroStrategy announced that in the past week it has used $561 million in cash to purchase an additional 5,262 Bitcoins, at an average price of $106,662 per coin.
The funds came from the sale of 1.3 million convertible bonds, and the company still has $7.08 billion in bonds to raise in the future.
With the additional BTC purchase in the investment portfolio, billionaire Michael Saylor's company has increased its total Bitcoin holdings to 444,262 BTC, with an average purchase price of $62,257 per BTC.
The funds came from the sale of 1.3 million convertible bonds, and the company still has $7.08 billion in bonds to raise in the future.
With the additional BTC purchase in the investment portfolio, billionaire Michael Saylor's company has increased its total Bitcoin holdings to 444,262 BTC, with an average purchase price of $62,257 per BTC.