KULR, a bitcoin-first company, has announced the acquisition of $21 million worth of BTC as part of its accumulation program.
The energy management services company recently expanded on its bitcoin treasury strategy, revealing in a press release that it had acquired additional BTC, bringing its total bitcoin holdings to 430.61 BTC. The company acquired the BTC at a weighted average price of $98,393.58 per bitcoin.
KULR had earlier announced on December 4 that it would be investing 90% of its free cash reserves in bitcoin, and these latest purchases appear to be a part of that strategy.
Michael Mo, Chairman and CEO of KULR, expressed confidence in the company’s bitcoin pivot, stating that he believes BTC “provides long-term appreciation and a bulwark against geopolitical, inflationary, and other macro-economic and political trends affecting all developed economies.”
This is the second BTC purchase by KULR since announcing its bitcoin-first strategy in December. As of today, KULR holds 430.61 BTC, acquired for approximately $42 million at nearly $97,391 per unit.
While KULR has not set a determined number of BTC as a goal, the company has stated that these purchases mark only the beginning of its moves and that more purchases will follow.
However, the market did not react strongly to this purchase, with KULR’s stock prices trading just 3% up after the news. In opposition, following KULR’s first bitcoin purchase on December 26, and December 27, respectively, stock prices rose significantly, breaking previously set all-time-high numbers.
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