tl;dr
KULR Technology Group has initiated its Bitcoin treasury by acquiring 217.18 BTC for approximately $21 million. The company plans to allocate up to 90% of its surplus cash reserves into Bitcoin, partnering with Coinbase Prime for custody solutions and support. This move reflects a trend among public...
KULR Technology Group has acquired 217.18 BTC for approximately $21 million, signaling a strategic move to include BTC in its corporate treasury. The company plans to allocate up to 90% of its surplus cash reserves into Bitcoin and has partnered with Coinbase Prime for custody solutions and support. This move reflects a growing trend among publicly traded companies, including Hut 8, Marathon Digital, Rumble, Jiva Technologies, and Jetking Infotrain, to add Bitcoin to their reserves as a hedge against inflation and to enhance company value.
On December 4, KULR Technology Group unveiled its Bitcoin treasury by acquiring the cryptocurrency at an average purchase price of $96,556.53 per Bitcoin. With nearly $11 million in total assets, this acquisition represents the first phase of ongoing purchases under this initiative. Partnering with Coinbase Prime for custody solutions and support, the company aims to position its Bitcoin investment as a long-term strategy.
Other publicly traded companies, including Hut 8, Marathon Digital, Rumble, Jiva Technologies, and Jetking Infotrain, have also made significant Bitcoin acquisitions recently, underlining the trend of using the cryptocurrency as a hedge against inflation and a means to enhance company value.