Another U.S. publicly traded company has announced a Bitcoin financial strategy. Battery storage company KULR Technology Group has announced it will allocate 90% of its surplus cash to BTC. KURL Monthly Share Price Soars 498%.
What is KULR's main business?
KULR Technology Group is a company focused on battery safety technology and thermal management. It is headquartered in San Diego, California, USA. KULR's technology applications are diverse, covering multiple industries from space satellite systems to residential energy storage and electric mobility devices. Their core technologies include thermal interface materials, lightweight heat exchangers, and lithium-ion battery thermal runaway propagation protection. The company has also collaborated with NASA to develop vertically aligned carbon fiber thermal interface materials, which are lighter, more flexible, and more efficient.
KULR Announces Bitcoin Treasury Strategy
In early December, KULR announced that the board had agreed to make Bitcoin a primary asset of its financial plan. The company's cash on its balance sheet currently exceeds $12 million, and any future cash surplus will see KULR allocate 90% of its surplus cash to BTC.
Is KULR Profitable?
Looking at KULR's latest quarterly financial report, its losses for the third quarter were approximately $2 million, with a year-to-date loss of $12.9 million. The cash on the balance sheet is only $910,000, total assets are only $12.35 million, and the fact that cash on hand exceeds $12 million is not evident (perhaps a significant increase in revenue in the fourth quarter?).
KURL Monthly Share Price Soars 498%
Due to KULR's ongoing losses, its stock price has remained below $1 for a long time, but it started to surge at the end of November, with a monthly increase of 498%, astonishing even Bloomberg analyst James Seyffart!
This article discusses KULR joining MicroStrategy to implement a Bitcoin financial strategy, with the stock price soaring nearly 5 times in a single month, first appearing in Chain News ABMedia.
