KULR Technology Group, Inc. (NYSE: KULR), a leader in advanced energy management platforms, recently announced the completion of its purchase of 217.18 Bitcoin (“BTC”) for approximately $21 million, at an average price of $96,556.53 per BTC.
The purchase follows the Company’s announcement on December 4th of its Bitcoin Treasury strategy in which it announced allocating up to 90% of its surplus cash to BTC. The $21 million of BTC purchased since the announcement is the first of ongoing purchases the Company intends to make going forward.
KULR selected Coinbase’s (COIN) Prime platform to provide custody, USDC, and self-custodial wallet services for its BTC.
About KULR Technology Group
KULR Technology Group, Inc. (NYSE: KULR) is a leading advanced energy management platform company that designs, manufactures, and sells energy management solutions for electrified vehicles, energy storage, and mobility markets. KULR’s solutions include advanced energy management electronics, battery safety devices, and thermal management technologies. KULR’s customers include original equipment manufacturers of electric vehicles, Tier 1 automotive suppliers, and companies in the energy storage, renewable energy, and broader industrial markets. For more information, please visit the Company’s website at www.kulrtech.com.
About Coinbase
Coinbase, Inc. (NASDAQ: COIN) is one of the world's largest cryptocurrency exchanges. Coinbase facilitates the buying, selling, transferring, and storage of cryptocurrencies, and offers a range of products and services to its users, including a cryptocurrency wallet, a fiat-to-crypto exchange, and a crypto-to-crypto exchange. Coinbase also provides custody services for institutional investors and a marketplace for non-fungible tokens (NFTs). For more information, visit the Coinbase website at www.coinbase.com.
A recent article in Bitcoin Magazine addressed the recent tsunami of companies jumping into the current “IT” strategy… Bitcion as a treasury asset. The article said: “MicroStrategy’s corporate Bitcoin treasury strategy is taking off. Public companies are FOMO’ing (“Fear Of Missing Out”) into bitcoin. It’s almost as if Trump’s pro-Bitcoin stance is giving companies the green light to stack BTC. (One day in November alone ) seven public companies announced that they have bought or plan to buy bitcoin for their treasury reserves, with one new company committing to purchasing $1 million in BTC (the next day). Crazy, right? It has felt like a minimum of one to two new companies a day are adopting bitcoin as a reserve asset — not to mention all the companies getting bitcoin exposure via the ETFs. It’s surreal to witness the FOMO from companies adopting a corporate Bitcoin playbook in real time… Over the course of the next year I’m expecting this corporate Bitcoin adoption to only increase as the price of bitcoin rises and Trump takes office.”
A review of the market shows that leading companies are embracing Bitcoin Treasuries as a Strategic Asset. The adoption of Bitcoin as a corporate treasury asset is gaining momentum among innovative companies across industries. Recognizing the potential of Bitcoin as a store of value and hedge against inflation, businesses like Rumble, MicroStrategy, Marathon Digital Holdings, Hut 8 Mining Corp, KULR Technology Group, Block Inc., and Coinbase are leading the charge in integrating Bitcoin into their financial strategies.
