**Breaking News: KULR Technology Group Joins the Bitcoin Bandwagon with a $21 Million Purchase**
In a bold move, KULR Technology Group, a New York Stock Exchange-listed company, has announced the acquisition of 217.18 Bitcoin (BTC) for approximately $21 million. This significant investment marks the launch of its Bitcoin treasury and is the first of several planned purchases as part of a broader strategy to allocate up to 90% of its surplus cash into Bitcoin.
**A Strategic Move Inspired by MicroStrategy**
KULR’s CEO, Michael Mo, revealed that the company’s decision was inspired by MicroStrategy’s pioneering approach to Bitcoin. Mo stated that MicroStrategy’s CEO, Michael Saylor, refers to BTC as “digital energy,” which resonated with KULR’s mission as an energy management company for batteries and space applications. This strategic move is a testament to the growing interest in Bitcoin as a store of value and a hedge against inflation.
**A Positive Response from Shareholders**
Before making the purchase, KULR conducted a survey on X to gauge shareholder support for this strategy. The response was overwhelmingly positive, with shareholders giving a resounding “Yes” to the move. Mo expressed his enthusiasm, saying, “We believe that BTC is the future of money.”
**A Growing Trend: Companies Embracing Bitcoin**
KULR is not alone in its decision to invest in Bitcoin. Several companies have unveiled Bitcoin treasury strategies in recent weeks, including Canadian firm Matador Technologies, biopharmaceutical company Quantum BioPharma, and Japanese investment firm Metaplanet. This growing trend is a testament to the increasing recognition of Bitcoin’s potential as a store of value and a hedge against inflation.
**The Future of Money: A Bold Vision**
KULR’s CEO, Michael Mo, envisions a future where corporations are built on three pillars: super intelligence through AI, automated workforce through robotics, and the future of money through BTC. While the industry is still in its early stages of figuring out how to tie these elements together, KULR’s bold move is a step in the right direction.
**What’s Next?**
As more companies join the Bitcoin bandwagon, it will be interesting to see how this trend unfolds. Will other companies follow suit, or will they take a more cautious approach? Share your thoughts in the comments below.
**Key Takeaways:**
* KULR Technology Group has acquired 217.18 Bitcoin (BTC) for approximately $21 million. * The company plans to allocate up to 90% of its surplus cash into Bitcoin. * KULR’s decision was inspired by MicroStrategy’s pioneering approach to Bitcoin. * Shareholders have given a positive response to the move. * Several companies have unveiled Bitcoin treasury strategies in recent weeks.
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Source: Cointelegraph.com
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