KULR Technology Group invests $21 million in Bitcoin, following the trend of institutional investors. Learn more about the company's strategic move and its implications.
KULR Technology Group officially entered the digital currency market by purchasing 217.18 Bitcoins (BTC) worth approximately $21 million. This purchase, made at an average price of $96,556, is nearly double the company’s total assets in 2023. KULR plans to allocate 90% of its surplus cash reserves to Bitcoin and is collaborating with Coinbase for this purpose. This move comes as other companies like Marathon Digital and Rumble have recently made significant investments in Bitcoin. Analysts believe that MicroStrategy’s success in Bitcoin investment has created fear of missing out among publicly traded companies.
