KULR Technology Group has announced the acquisition of 217.18 Bitcoins for $21 million, as part of their new Bitcoin Treasury strategy.
Purchase and Bitcoin Treasury Strategy
KULR Technology Group completed the purchase of 217.18 Bitcoins for $21 million, at an average price of $96,556.53 per BTC. This purchase is part of a strategy announced on December 4th, where the company revealed plans to allocate up to 90% of its surplus cash to Bitcoin. This is the first of ongoing purchases.
Partnership with Coinbase Prime
KULR has chosen Coinbase Prime to provide custody, USDC, and self-custodial wallet services for its Bitcoin holdings.
Market Reaction and Expert Predictions
This significant purchase has sparked discussions within the industry, particularly amid current market volatility. Bitcoin is trading at $95,285, down over 3% in the past 24 hours. However, veteran trader Peter Brandt remains optimistic about BTC's future, predicting a rise to $108,358 in the coming days.
KULR Technology Group's purchase highlights the growing interest in cryptocurrencies among corporate players, despite current market volatility.
