KULR Technology continues to expand its Bitcoin investments, following a strategy similar to that of MicroStrategy.
Major Investment in Cryptocurrency
KULR Technology, a company specializing in energy management platforms, has purchased $5 million worth of Bitcoin, according to a recent filing. The average price per Bitcoin for the new purchase was approximately $89,000.
KULR Technology's Bitcoin Strategy
KULR Technology's plans to invest in Bitcoin started last December with its initial purchase of roughly 217 BTC. The company plans to spend roughly 90% of its surplus cash on acquiring the leading cryptocurrency. This strategy is inspired by the success of MicroStrategy in corporate cryptocurrency adoption.
Market Reaction and Future Plans
Following the announcement of the additional purchase, KULR Technology's shares rose by about 2%. The company plans to continue expanding its Bitcoin holdings, aiming to replicate the success of MicroStrategy, which has already accumulated over 500,000 BTC, reaching 2.4% of the entire Bitcoin supply.
By continuing its Bitcoin investments, KULR Technology aims to strengthen its market position using a proven strategy that has worked for MicroStrategy.
