After announcing that it would adopt a "Bitcoin strategy" at the beginning of the month, the U.S.-listed technology company "KULR Technology Group" now officially announced that it has spent US$21 million to buy 217.18 Bitcoins. The amount spent was almost two times of KULR's total assets last year. Many times, it can be called an "epic gamble."
However, this is only the starting point for KULR’s layout of Bitcoin. According to the official announcement, the company intends to invest up to 90% of its cash surplus in purchasing Bitcoin as a long-term strategic asset, and will continue to accumulate more Bitcoin in the future.
To ensure asset security, KULR collaborates with the well-known cryptocurrency trading platform Coinbase Prime, which will provide professional custody services, USDC support, and self-managed digital wallets, creating layers of protection for KULR's digital assets.
KULR Technology Group is a battery technology company specializing in providing commercial and customized energy storage solutions for the space, aerospace, and defense sectors.
After the news of purchasing Bitcoin was exposed, KULR's stock price surged over 40% on Thursday, reaching a high of $4.94, approaching the IPO listing peak of $5 per share on its first day. Furthermore, since the low point on November 1, KULR's stock price has accumulated a rise of over 1,500%.
Bitcoin is becoming a new favorite for companies, with multiple listed companies competing to lay out their plans.
KULR is not an isolated case; in the past year, more and more listed companies have incorporated Bitcoin into their balance sheets. Taking 'Bitcoin whale' MicroStrategy as an example, due to continuous buying of Bitcoin, it has not only accumulated astonishing assets but also driven stock prices to soar, causing many companies to fall into 'FOMO' (fear of missing out) for fear of missing the next wave of wealth opportunities.
In addition, the Bitcoin mining company Hut 8 recently announced it would invest $500 million to expand its Bitcoin holdings; Marathon Digital is also purchasing 15,574 Bitcoins through the issuance of nearly $2 billion in convertible bonds; at the same time, the online video platform Rumble has used $20 million in profits to buy Bitcoin; Canadian tech company Jiva Technologies has bought $1 million worth of Bitcoin.
"Stock price skyrockets over 40%! U.S. listed company KULR announces investment in Bitcoin" This article was first published on (Blockcast).
