KULR Technology Group, Inc., a thermal energy management company, increased its Bitcoin holdings with the purchase of 213.4 BTC worth $21 million.
The purchase made through Coinbase Prime fits into the company's strategic efforts to move 90% of its cash into Bitcoin (Bitcoin) within the newly approved treasury strategy. As reported by blockchain analytics firm Arkham Intelligence on January 6, the latest transaction brings KULR's Bitcoin holdings to 430.6 BTC, worth approximately $42 million, with an average purchase price of $97,537 per BTC.
This marks the company's second major Bitcoin purchase in a month. On December 26, 2024, KULR Technology acquired 217.18 BTC for $21 million at an average price of $96,556 per BTC.
Founded in 2013 and headquartered in San Diego, KULR Technology has developed advanced thermal management solutions across a multi-sector umbrella, particularly those related to energy storage, electric vehicles, aerospace and cloud computing. The company is also known for its new age technology, based on battery safety and thermal energy management, and works with industries that need high-performance power solutions.
According to Michael Mu, CEO of KULR Technology and a staunch Bitcoin supporter, the company's Bitcoin treasury policy strengthens its financial position, supports operational expansion and long-term capital management through an independent custodial strategy.
He noted that Bitcoin's distinct characteristics hold potential for more serious attention and will stand guard against evolving current events such as geopolitics, inflation, and any other macro and political events impacting advanced economies.
For any business, Bitcoin's appeal as a treasury asset is secured by the limited supply of 21 million coins on the market. Companies like KULR Technology are benefiting from it, due to its potential for higher returns and better liquidity. BTC also works as share Against inflation and economic imbalance. This is also consistent with the growing trend among Institutions To adopt BTC.
Source link