KULR Technology Group Spends $21M to Buy Bitcoin, Plans to Invest Up to 90% of Excess Cash in Crypto

KULR Technology Group, a space technology company listed on the New York Stock Exchange (NYSE), has purchased Bitcoin worth 30 billion KRW.

KULR Technology Group (NYSE:KULR), a space technology company, has announced the purchase of Bitcoin to the tune of 30 billion KKRW.

On the 26th (local time), KULR announced the acquisition of 217.18 Bitcoins. The total amount invested by KULR in this Bitcoin purchase is $21 million (approx. 31 billion KRW). KULR purchased Bitcoin at an average price of $96,556.53 per coin.

KULR intends to continue acquiring more Bitcoin as part of its future financial strategy. "This (Bitcoin) purchase is the first step in a long-term strategy to deploy up to 90% of surplus cash into Bitcoin," KULR stated.

Most KULR shareholders are reportedly in favor of the Bitcoin purchase plan. In fact, before purchasing Bitcoin, KULR conducted a shareholder survey via X and received positive feedback. "We received overwhelming support (in the survey)," said Michael Mo, CEO of KULR, and "We believe Bitcoin is the currency of the future."

Purchasing Bitcoin as part of a financial strategy was first introduced by MicroStrategy in 2020. Currently, MicroStrategy holds Bitcoin valued at $45 billion (approx. 65.35 trillion KRW). MicroStrategy also plans to continue purchasing Bitcoin next year.