cryptonewsz.com
Houston-based KULR Technology Group has significantly expanded its Bitcoin holdings, purchasing an additional 79.39 $BTC for approximately $8 million. The acquisition, made at an average cost of $101,695 per Bitcoin, increases the company’s total Bitcoin reserves to 510 $BTC.
KULR’s Bitcoin Purchase Spree
The company’s current Bitcoin holdings are now valued at around $50 million, with an average acquisition price of $98,039 per Bitcoin. These purchases are part of the firm’s ongoing treasury management strategy, which involves allocating a substantial portion of surplus cash reserves to Bitcoin investments.
In December 2024, KULR outlined a strategic plan to dedicate up to 90% of its excess liquidity to $BTC, reflecting the company’s strong focus on cryptocurrency as a treasury asset. By January 21, 2025, the company reported achieving a year-to-date Bitcoin yield of 127%, calculated as a performance metric relative to outstanding shares.
KULR has acquired 79.39 $BTC for ~ $8 million at ~ $101,695 per #bitcoin and has achieved $BTC Yield of 127% YTD. As of 1/21/25, we hodl 510 $BTC acquired for ~ $50 million at ~ $98,039 per bitcoin. $KULRhttps://t.co/UDdORN90dG pic.twitter.com/jtnQOq8ht6
— Michael Mo (@michaelmokulr) January 21, 2025
Michael Mo, CEO and Chairman of KULR Technology Group, highlighted the company’s progress in a recent statement. “We have acquired 79.39 $BTC for approximately $8 million at an average price of $101,695 per Bitcoin,” he noted. “As of January 21, 2025, we hold 510 $BTC acquired for roughly $50 million at an average price of $98,039 per Bitcoin.”
The company’s treasury management strategy positions the company among several publicly traded firms increasing their exposure to $BTC. This approach underscores its efforts to leverage crypto as a financial instrument amid fluctuating market dynamics.
Moreover, with increasing Bitcoin adoption, the $BTC price could stabilize soon. Today, MicroStrategy, the corporate leader in holding Bitcoin, also purchased 11,000 $BTC worth over $1.1 billion. The company has kept up its $BTC buying spree for 11 consecutive weeks now.