KULR Technology Group, Inc., a leader in energy management, is going all in on Bitcoin. The company has added another $10 million worth of BTC to its holdings, bringing its total Bitcoin investments to approximately $60 million.
The latest purchase was made at an average price of $103,905 per Bitcoin, including fees. With this addition, KULR now holds 610.3 BTC.
This move aligns with the company’s Bitcoin Treasury Strategy, announced on December 4, 2024, where KULR committed to holding up to 90% of its surplus cash in Bitcoin.
KULR has achieved a BTC Yield of 167.3% so far in 2024. This metric tracks the change in KULR’s Bitcoin holdings compared to its total shares outstanding. The company has used surplus cash and its At-The-Market (ATM) equity program to fund its Bitcoin acquisitions.
Despite its growing Bitcoin position, KULR’s stock dropped nearly 2% in premarket trading, following a 28% surge on Monday.
KULR’s approach mirrors that of MicroStrategy, one of the biggest corporate Bitcoin investors. MicroStrategy, which started buying Bitcoin in 2020, now holds 478,740 BTC.
KULR made its first Bitcoin purchase on December 6, 2024, acquiring 217.18 BTC for $20.4 million. With plans to allocate 90% of its surplus cash to Bitcoin, the company is making a strong bet on the cryptocurrency’s long-term value.
According to Nasdaq, MicroStrategy’s stock has risen 380% over the past year, while KULR’s shares have soared an impressive 1,800% in the same period. MicroStrategy’s Bitcoin-focused strategy, which began four years ago, has proven highly profitable, especially with Bitcoin now trading around $97,000.
MicroStrategy on Wednesday announced it is now operating under the name Strategy, and will continue to trade under the ticker MSTR. The company noted that the brand simplification is intended to reflect its focus on Bitcoin and artificial intelligence.
MicroStrategy may have paved the way, but KULR is proving there’s more than one player in the corporate Bitcoin race.
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