KULR Allocates $21 Million to Bitcoin as Part of Treasury Strategy

KULR invested $21 million in Bitcoin, driving a 90% stock surge after regaining NYSE compliance.

Deniz Saat

January 02, 2025 @ 10:48 AM PT

KULR Technology Group, Inc. has disclosed the purchase of 217.18 Bitcoin, amounting to approximately $21 million. The average acquisition price was reported as $96,556.53 per Bitcoin.

KULR Launches Bitcoin Treasury with Purchase of 217.18 Bitcoin for $21 Million.

Watch now and check out our press release for more information: https://t.co/GClCvKTjUH pic.twitter.com/BmUWYXzMuY
— KULR Technology (@KULRTech) December 26, 2024

This transaction is part of the company’s Bitcoin Treasury strategy, announced on December 4th, which plans to allocate up to 90% of KULR's surplus cash to Bitcoin.

The company described this as the first in a series of planned Bitcoin purchases.

To manage its Bitcoin holdings, KULR is utilizing Coinbase Prime for custody and self-custodial wallet services.

In related news, KULR has regained compliance with NYSE American's stockholder equity standards after addressing a previous non-compliance notification received in December 2023.

Following this development, the company’s stock price increased by over 90% during the last five trading days.

KULR’s decision to invest in Bitcoin aligns with its stated treasury management strategy.