Energy management platform KULR Technology is debuting its Bitcoin (BTC) treasury strategy with the acquisition of $21 million worth of the top crypto asset.
In a new statement, the company says say it bought 217.18 BTC at an average price of $96,556.53 per Bitcoin. The asset is currently trading for $95,737.
KULR completed the purchase just weeks afterward announce that it would embrace a Bitcoin treasury strategy. On December 4, the company said it would spend up to 90% of its excess cash on BTC.
“The $21 million in BTC purchased since the announcement is the first of ongoing purchases the company plans to make in the future.”
The company says US-based crypto exchange Coinbase will provide custody and self-custody of wallet services for its BTC, as well as support for the stablecoin USDC.
Companies are copying the Bitcoin treasury strategy of software company MicroStrategy, which started buying BTC in 2020.
In November, YouTube rival Rumble announced that its board of directors had voted to approve an industry diversification strategy that allocates a portion of the company’s excess cash reserves to Bitcoin.
Bitcoin mining company MARA now owns 44,394 BTC worth $4.25 billion after acquiring 15,574 BTC earlier this month. Medical technology and software company Semler Scientific has also amassed 1,873 BTC worth $179 million in Bitcoin treasuries.
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Generated image: Midjourney