218.18 Bitcoin (BTC) were acquired by the company KULR Technology Group. The purchase was made in exchange for approximately $21 million, at a price of $96,556 per bitcoin.
The company informs that the purchase is made in a manner consistent with its plan to allocate up to 90% of its excess cash in bitcoin.
“The $21 million in bitcoin acquired are the first ongoing purchases that the company intends to make in the future,” details KULR through a release of press.
It is detailed in the report that The operation was carried out through Coinbase’s Prime platform. That same company will provide custody services for the purchased coins.
He website KULR official explains that the company’s goal is to “accelerate the global transition towards a sustainable electrification economy.”
“Our high-performance solutions can be designed to fit almost any power or electronics configuration, including extremely demanding spaces or for applications where size and weight restrictions are a concern,” the website details.
KULR stock (traded on the NYSE under the ticker KULR) is up nearly 25% today. In any case, the upward trend did not begin today but dates back to early December. It was precisely at that time when KULR announced the investment strategy in bitcoin and The stock price shot up nearly 300% in less than a month.
KULR stock historical chart. Source: TradingView.
As the company MicroStrategy has demonstrated, exposure to bitcoin (at least when the digital currency is in an uptrend) usually produces price increases of the companies’ shares.
According to a report published by CriptoNoticias, this is being a growing trend and far from being simply a passing fad.
For example, Metaplanet, a financial investment company, is another of the large corporations that is following a “MicroStrategy” strategy incorporating more and more bitcoin into its treasury.
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