This week, two public companies announced Bitcoin purchases following MicroStrategy's lead. This marks another step in companies' asset diversification using the world's largest digital asset.
Thumzup Media Makes First Bitcoin Purchase
Los Angeles-based marketing company Thumzup Media announced its first Bitcoin purchase worth approximately $1 million. This marks the company's initial venture into cryptocurrencies as part of a broader strategy. Thumzup plans to pay its contractors in Bitcoin in the coming weeks. Following the announcement, the company's stock remained steady but later declined by 7% over 24 hours.
KULR Technology Boosts Bitcoin Holdings
San Diego-based KULR Technology Group announced a $21 million Bitcoin acquisition, doubling its holdings to $42 million. The company, specializing in energy storage solutions for aerospace and defense industries, made its first purchase less than two weeks ago. After the announcement, KULR's stock was priced at $2.78, reflecting a 27% decrease. The company plans to allocate up to 90% of its liquid assets to Bitcoin, aligning with MicroStrategy's model.
MicroStrategy Continues Aggressive Bitcoin Acquisitions
Software company MicroStrategy, known for its substantial Bitcoin holdings, purchased an additional 1,070 BTC this week. The acquisition, valued at $101 million, continues the company's weekly buying strategy initiated in November. The average purchase price was $94,004 per Bitcoin. Currently, Bitcoin is trading at $95,000, experiencing significant price fluctuations but remaining a favored asset among public companies.
The sustained interest in Bitcoin highlights public companies' efforts to diversify their assets with major digital currencies.
