Energy Storage Firm KULR Expands Bitcoin Holdings with $10M Purchase, Now Holds 610 BTC

KULR Technology Group Acquires Additional $10M in Bitcoin, Total Holdings Reach 610.3 BTC Worth $59M

  • KULR Technology Group has acquired an additional $10 million in Bitcoin, bringing their total holdings to 610.3 BTC valued at $59 million.
  • The company has made three significant Bitcoin purchases since December, demonstrating a strategic transition to cryptocurrency treasury management.
  • KULR commits to allocating up to 90% of surplus cash reserves to Bitcoin investments.
  • The company follows the treasury strategy pioneered by Strategy (formerly MicroStrategy), which holds 478,740 BTC worth $46.4 billion.
  • Other public companies including Thumzup, Cosmos Health, and Rumble have recently adopted similar Bitcoin investment strategies.

KULR Technology Group, a NYSE-listed energy storage solutions provider for aerospace and defense sectors, has expanded its Bitcoin treasury with a fresh $10 million acquisition, marking its third major cryptocurrency investment since December 2023.

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The San Diego-based company’s latest purchase brings its total Bitcoin holdings to 610.3 BTC, currently valued at approximately $59 million at Bitcoin’s price of $97,000 per coin. This follows earlier investments of $21 million in December and another $21 million in February, demonstrating an accelerated cryptocurrency acquisition strategy.

KULR’s commitment extends to allocating up to 90% of its surplus cash reserves to Bitcoin, despite its stock experiencing a 4% decline to $2.26 per share following the announcement. This treasury management approach mirrors the strategy pioneered by Strategy (formerly known as MicroStrategy).

Strategy, under the leadership of Michael Saylor, has become the blueprint for corporate Bitcoin adoption. The company, which began its Bitcoin acquisitions in 2020, now holds 478,740 BTC worth $46.4 billion. Saylor has publicly advocated that Bitcoin adoption can ensure corporate longevity, stating that it can make a company “live forever.”

The trend of public companies converting cash reserves to Bitcoin continues to gain momentum. Recent adopters include Thumzup (social media marketing), Cosmos Health (healthcare), and Rumble (video streaming platform), indicating a broadening acceptance of cryptocurrency as a treasury asset across diverse sectors.

This movement represents a significant shift in corporate treasury management, as companies seek alternatives to traditional cash holdings in response to economic uncertainties and the potential for higher returns through cryptocurrency investments.

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