KULR Technology Group Buys $21M Worth of Bitcoin, CEO Says BTC Fits Into the Firm's Long-Term Vision

KULR Technology Group, a company specializing in advanced energy management for aerospace and defense, has made a purchase of 217.18 Bitcoin for $21 million via Coinbase Prime

Aerospace and defense company KULR Technology Group has purchased 217.18 Bitcoin for $21 million, the company announced Thursday.

The purchase was made through Coinbase Prime, a platform that provides institutional investors with secure custody and wallet services. KULR’s average purchase price was $96,556.53 per Bitcoin.

KULR’s CEO, Michael Mo, said in a Tweet that he was inspired by how MicroStrategy CEO Michael Saylor views Bitcoin as "digital energy," explaining that Bitcoin fits into KULR’s long-term vision, which involves integrating artificial intelligence, robotics, and digital currency to create a modern corporate framework.

“We see the future of corporations built on three pillars: super intelligence through AI, an automated workforce through robotics, and the future of money through Bitcoin,” Mo said in a statement.

Before implementing the strategy, KULR surveyed its shareholders, who overwhelmingly supported the plan. The announcement led to a 40% surge in KULR’s stock price, highlighting investor confidence in the company’s forward-thinking approach.

KULR’s decision reflects a growing trend among corporations using Bitcoin as a treasury asset. MicroStrategy, Tesla, and Square are among the companies that have incorporated Bitcoin into their financial strategies. MicroStrategy, a leader in this space, holds over 444,000 Bitcoin and continues to expand its reserves. Some 73 public companies hold bitcoin, according to BitcoinTreasuries data.

Bitcoin is increasingly seen as a hedge against inflation and a long-term store of value due to its limited supply and decentralized nature. In recent weeks, other companies like Quantum BioPharma, a biopharmaceutical company, and Japan’s Metaplanet have made Bitcoin acquisitions.