KULR Technology Group, Inc. (NASDAQ: KULR) shares surged 6.44% in after-hours trading on Friday, following the company's recent announcement of a major Bitcoin (BTC) purchase as part of a new crypto treasury strategy.
Earlier this week, the energy storage solutions provider revealed it had acquired 217.18 BTC worth approximately $21 million at an average price of $96,556 per coin. This initial investment marks KULR's first step towards allocating up to 90% of its surplus cash reserves into the leading cryptocurrency going forward.
The company's entrance into the crypto space and willingness to hold a significant portion of its treasury in Bitcoin has been viewed positively by investors. CEO Michael Mo expressed confidence in Bitcoin's future, stating "We believe that BTC is the future of money" as KULR aims to integrate cutting-edge technologies like digital currencies into its operations.
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