KULR Technology Group, Inc. (NYSE: KULR), an energy management platform, acquired 217.18 bitcoins for approximately 21 million dollars.

This purchase, made at an average price of 96,556.53 dollars per bitcoin, marks the company's first step in implementing its Bitcoin Treasury strategy. The company's strategy involves allocating up to 90% of KULR's excess cash for long-term investments in bitcoin.

In a press release published for CryptoNews, KULR Technology stated that the 21 million dollar purchase is just the beginning of a series of acquisitions that the company plans to undertake. The organization aims to diversify its cash reserves and leverage the potential of bitcoin as a digital store of value.

KULR specializes in energy storage for industries such as space, aerospace, and defense. With its expertise in the design, testing, and manufacturing of batteries, the company has established itself as a significant innovator in the energy sector. By embracing bitcoin, KULR demonstrates an interest in technological and financial strategies.

KULR's shares rose by 20.8% before the market opened on Thursday.$BTC $FTT $THE