KULR Technology Group, Inc. (KULR) shares surged 13.44% in pre-market trading on Friday, following the company's announcement of a $21 million investment in Bitcoin (BTC). This purchase marks the first step in KULR's newly revealed "Bitcoin Treasury" strategy, which aims to allocate up to 90% of the company's surplus cash reserves into the leading cryptocurrency.

The energy storage solutions provider acquired 217.18 BTC at an average price of $96,556.53 per coin, utilizing the services of Coinbase Prime for custody and wallet management. KULR's CEO, Michael Mo, expressed his belief in the future of Bitcoin, stating, "We believe that BTC is the future of money." The company's decision to invest in Bitcoin aligns with its vision of integrating cutting-edge technologies, including artificial intelligence, robotics, and digital currencies, into its corporate structure.

This strategic move comes as an increasing number of corporations are embracing Bitcoin as a potential hedge against inflation and a means of capital preservation. KULR's significant investment in Bitcoin has sparked excitement among investors, driving the stock's price higher in anticipation of potential future gains from the company's crypto exposure.