Just-In: KULR Buys $21M In BTC Amid Bitcoin Treasury Launch

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As a seasoned researcher with a keen eye for market trends and a soft spot for innovative companies, I find KULR Technology Group’s recent move to acquire $21 million worth of Bitcoin intriguing. With a background steeped in understanding the dynamics of the financial world and its ever-evolving landscape, I can appreciate the strategic thinking behind this decision.

American energy management company KULR Technology Group Inc., trading on NYSE American (symbol: KULR), created a buzz on Thursday by announcing its acquisition of 217.18 Bitcoins for approximately $21 million. This move, made in the midst of recent market fluctuations, aligns with their previously announced Bitcoin Treasury strategy, which was launched earlier this month.

KULR Acquires $21M Worth BTC Sparking Market Discussions

On December 26th, KULR Technology Group, Inc. officially declared that they had acquired 217.18 Bitcoins at a total cost of approximately $21 million. According to their statement, the average price paid for each Bitcoin was about $96,556.53.

To clarify, this significant acquisition aligns with the energy management company’s recently declared Bitcoin Treasury strategy, which was unveiled on December 4th. In summary, their new treasury plan involves setting aside up to 90% of any excess cash to buy Bitcoin. As a first step in implementing this strategy, KULR Technology Group has announced the purchase of approximately $21 million worth of Bitcoin, as previously stated.

Additionally, the company opted for Coinbase Prime as their provider for custody, USDC, and self-custodial wallet services related to Bitcoin. This significant investment has sparked debates within the wider industry, given the current instability in the cryptocurrency market. However, this purchase could potentially signal a positive trend for future Bitcoin price movements.

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2024-12-26 17:35