KULR Technology Group Inc., an American energy management company, made a significant market move by purchasing Bitcoin.
Deal Details
The company purchased 217.18 bitcoins for $21 million at an average price of around $96,556 per Bitcoin. This purchase is part of the company's newly launched Bitcoin Treasury strategy, introduced earlier this month.
KULR’s Strategic Planning
The purchase aligns with KULR's plan to allocate up to 90% of its extra cash into Bitcoin, marking the first step in the company's strategy. KULR also partnered with Coinbase Prime for custody and other services to securely store its Bitcoin.
Market Reaction and Forecasts
The purchase has generated much discussion in the crypto community, especially since the market is currently experiencing turbulence. Despite this volatility, KULR's large investment suggests the company is confident in Bitcoin's long-term value. At the time of reporting, Bitcoin’s price had dropped by about 3%, trading at $95,776. Nevertheless, experts remain optimistic, predicting price increases to $120,000 or even $150,000 by the end of 2024. Well-known market analyst Peter Brandt also maintains a bullish outlook, forecasting a price of $108,358 in the near future.
KULR's investment in Bitcoin opens a new era of strategic planning for the company in the crypto world.
