KULR Technology Group Completes Purchase of $21M Worth of Bitcoin

KULR Technology Group, Inc KULR announced that it has completed the purchase of 217.18 Bitcoin BTC/USD for approximately $21 million

Bitcoin price rose sharply on Thursday after KULR Technology Group, Inc (NYSE:KULR) announced completing the purchase of 217.18 Bitcoin (CRYPTO: BTC) for roughly $21 million.

Here's what happened: KULR announced on Thursday that it had completed the purchase of 217.18 Bitcoin (CRYPTO: BTC) for approximately $21 million, at an average price of $96,556.53 per BTC.

The purchase follows the company’s announcement on December 4 of its Bitcoin Treasury strategy, which announced allocating up to 90% of its surplus cash to BTC.

The $21 million BTC purchased since the announcement is the first of ongoing purchases the company intends to make going forward.

KULR Technology Group selected Coinbase’s (NASDAQ:COIN) COIN Prime platform to provide custody, USDC, and self-custodial wallet services for its BTC.

On December 19, KULR Technology Group regained compliance with NYSE American’s stockholder equity norms. The company had been cited for non-compliance with specific equity standards outlined in a December 20, 2023, letter from NYSE American.

This compliance milestone has boosted investor confidence, driving KULR’s stock up more than 90% over the past five trading sessions.

Benchmark analyst Michael Legg upgraded KULR Technology Group from a Speculative Buy rating to a Buy rating and raised the price target from $1 to $5.

KULR Price Action: KULR stock is up 26.60% at $4.33 at the last check on Thursday.