A know-how firm listed within the New York Stock Exchange (NYSE) initiated a shift in its treasury administration to Bitcoin as the corporate moved in direction of placing its surplus funds into cryptocurrency.
KULR Technology Group, Inc. has embraced cryptocurrency after shopping for greater than 200 Bitcoins value $21 million, following the lead of different tech business leaders who dipped their toes into digital property.
New Treasury Strategy
KULR Technology Group, Inc. introduced that it has redefined its treasury technique by turning to Bitcoin, saying that the corporate drew its inspiration from different tech giants who adopted cryptocurrencies.
The NYSE-listed firm mentioned that it has accomplished shopping for round 217 Bitcoins with an estimated worth of $21 million, including that the tech agency bought the firstborn crypto at a mean $96,556 per coin.
KULR Technology Group CEO Michael Mo mentioned that the corporate adopted tech business leaders who pioneered the adoption of Bitcoin of their treasury administration.
KULR Launches Bitcoin Treasury with Purchase of 217.18 Bitcoin for $21 Million.
Watch now and take a look at our press launch for extra info: https://t.co/GClCvKTjUH pic.twitter.com/BmUWYXzMuY
— KULR Technology (@KULRTech) December 26, 2024
Mo thanked MicroStrategy co-founder Michael Saylor for displaying the best way to use cryptocurrency in treasury administration, saying that Saylor raised their consciousness of Bitcoin as a brand new treasury technique.
“KULR Technology Group is truly walking in the shadow of giants, like MicroStrategy Incorporated & Nvidia Corp. It’s because of these companies, leaders, & their approach to Bitcoin & AI that have paved the way for KULR,” Mo mentioned in a submit.
Saylor, a staunch Bitcoin advocate, has urged corporations and the US authorities to shift their funding in direction of Bitcoin.
Thank you @saylor for elevating consciousness for our new $BTC Treasury Strategy.@KULRTech is actually strolling within the shadow of giants, like $MSTR & $NVDA. It’s due to these corporations, leaders, & their method to #bitcoin & #AI which have paved the way in which for $KULR.
Incredibly…
— Michael Mo (@michaelmokulr) December 26, 2024
Surplus Cash To Bitcoin
In a press assertion, KULR Technology Group mentioned that the Bitcoin buy is a part of the corporate’s new treasury technique, including that the tech agency goals to allocate as much as 90% of its surplus money to the alpha cryptocurrency.
The firm revealed that the acquisition of $21 million value of Bitcoin is just the primary of a collection of ongoing crypto purchases the agency could be doing because it strikes ahead with its treasury technique.
According to the publicly listed firm, it selected the crypto alternate Coinbase as its prime platform for its custody resolution wants. The platform will even be the self-custodial pockets for the corporate’s Bitcoins.
Moreover, the inventory worth of the tech agency surged by 40% after it introduced the Bitcoin strategic reserve plan.
A Strategic Alignment
Mo revealed that KULR’s Bitcoin technique is tremendously influenced by how MicroStrategy approaches BTC.
“He calls BTC digital energy, which really resonated with our mission because we are an energy management company for batteries and space applications are our core,” Mo mentioned.
He defined that the connection between KULR’s core enterprise and Bitcoin’s elementary know-how is linked by a strategic alignment of their funding technique.
KULR Technology Group joins quite a few corporations that incorporate Bitcoin of their treasury administration reminiscent of Matador Technologies, a Canadian firm, which plans to purchase $4.5 million value of Bitcoin to protect its capital.
Featured picture from Pexels, chart from TradingView
