KULR Technology Group, Inc. is actively enhancing its Bitcoin reserves with the acquisition of 213.4 BTC worth $21 million through Coinbase Prime.
Bitcoin Purchase Strategy
Under KULR's strategy, 90% of the company's cash is set to be converted into Bitcoin. This initiative began in late December 2024 and envisions using BTC as the primary asset for the company's reserve.
Past Bitcoin Acquisitions
This marks the company's second major BTC purchase in a month. The first acquisition occurred on December 26, 2024, when KULR Technology purchased 217.18 BTC for $21 million.
Significance for KULR Technology
According to Michael Mo, CEO of KULR Technology, the Bitcoin acquisition strengthens the company's financial position and supports its operational expansion and long-term capital management. BTC's limited supply of 21 million coins makes it an attractive reserve asset.
KULR Technology's approach to cryptocurrencies reflects a growing trend among companies to use BTC as a reliable reserve and protection against economic and political volatility.
