Kurl Technology Group Embraces Bitcoin Reserve Plan, Acquires 217 BTC Worth $21M

A few days after announcing it would adopt the Bitcoin reserve plan, Kurl Technology has opened its reserve purse with millions worth of procurement.

Energy management firm Kurl Technology Group has announced the purchase of 217 Bitcoin (BTC) for an average price of $96,556, a total investment of $21 million.

The company, based in California, disclosed the purchase in a press release on Thursday, revealing that the BTC was acquired at an average price, capitalizing on the recent dip that brought the price of the flagship crypto asset below six figures.

The announcement comes a few days after Kurl revealed, on December 5, that it had adopted Bitcoin as a strategic reserve asset. The company noted at the time that it planned to allocate 90% of its reserve assets to BTC.

The firm's recent purchase surpasses its net asset, which stood at $11 million as of 2023. Notably, Kurl Technology also mentioned that it would be making additional purchases in the future, as part of its long-term strategy.

The purchase had a significant impact on Kurl Technology's stock, driving it to new all-time highs. On Thursday, the stock rallied to a record closing price of $4.80, up more than 40% for the day.

The company's decision to add Bitcoin to its reserves aligns with a broader trend among corporate entities, fueled by a warmer embrace of Bitcoin in the United States and speculation that the premier crypto asset is set to achieve greater mainstream adoption.

Several other firms, including Matador, Rumble, and La Rosa, have recently allocated a portion of their treasury to Bitcoin, with plans to make continuous purchases of the crypto asset.

Moreover, the FOMO (fear of missing out) has extended to state and national governments, with former President Donald Trump expressing interest in creating a US Bitcoin stockpile.

States like Pennsylvania and Florida, and countries like Russia, Brazil, and even the European Union, are considering adopting Bitcoin as a treasury reserve asset, highlighting the growing institutional interest in the crypto space.