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KULR Technology Group Buys 217.18 Bitcoin for $21M at $96,556 Each, Stock Surges 36%
Dec 26, 2024, 02:20 PM
KULR Technology Group, a publicly traded company listed on the NYSE, has initiated its Bitcoin Treasury strategy by purchasing 217.18 Bitcoin for $21 million. The acquisition was made at an average price of $96,556 per Bitcoin. The company, known for its work in energy management and battery solutions, plans to allocate up to 90% of its surplus cash to Bitcoin. The purchase was facilitated through Coinbase Prime for custody. Following the announcement, KULR's stock price surged, with reports indicating an increase of up to 36% on the day of the announcement.
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