KULR Technology Group, Inc. (KULR) stock surged 7.64% in the pre-market session on Thursday, following the company's announcement of launching a Bitcoin Treasury strategy. The company completed the purchase of 217.18 Bitcoin (BTC) for approximately $21 million, at an average price of $96,556.53 per BTC.
This purchase marks the first step in KULR's strategy to allocate up to 90% of its surplus cash to Bitcoin, as announced on December 4th. The company selected Coinbase's Prime platform to provide custody, USDC, and self-custodial wallet services for its Bitcoin holdings.
The move to invest in Bitcoin is seen as a diversification strategy for KULR, which is a leader in advanced energy management platforms. Investors appear to have responded positively to the company's embrace of cryptocurrency as a potential hedge against inflation and currency debasement.
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