KULR Technology Group, Inc. (KULR) shares surged 6.25% in the pre-market trading session on Thursday 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. 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 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.
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