KULR Technology Group, Inc. has increased its Bitcoin holdings with the purchase of 213.4 BTC worth $21 million. The purchase, made through Coinbase Prime, is part of the company’s strategic move to transition 90% of its cash reserves into Bitcoin under a newly adopted treasury strategy.
Blockchain analytics firm Arkham Intelligence reported the transaction on January 6, stating that KULR’s total Bitcoin holdings now amount to 430.6 BTC, valued at approximately $42 million. The average purchase price was $97,537 per BTC. This marks KULR’s second major Bitcoin purchase in a month.
On December 26, 2024, the company acquired 217.18 BTC for $21 million, at an average price of $96,556 per BTC.
Kulr’s Bitcoin acquisition strategy
KULR Technology, established in 2013 and headquartered in San Diego, specializes in advanced thermal management solutions across various sectors, including energy storage, electric vehicles, aerospace, and cloud computing.
The company is recognized for its innovative technology focusing on battery safety and thermal energy management, catering to industries that require high-performance energy solutions. Michael Mo, CEO of KULR Technology and a strong advocate for Bitcoin, mentioned that the company’s Bitcoin treasury policy enhances its financial stability. It supports operational expansion and long-term capital management through an independent reserving strategy.
Mo highlighted that Bitcoin’s distinct characteristics offer potential for high returns and act as a safeguard against geopolitical and economic uncertainties such as inflation. Bitcoin’s capped supply of 21 million coins makes it an attractive asset for corporate treasuries. Companies like KULR Technology are leveraging its potential for high yields and better liquidity.
Bitcoin also serves as a hedge against inflation and economic instability, aligning with a growing trend among companies to adopt Bitcoin in their financial strategies.