Analysis

Tech Firm KULR Scoops Up $21,000,000 Worth of Bitcoin to Start New BTC Corporate Treasury

Published

1 year ago

December 27, 2024

Power administration platform KULR Know-how debuts its Bitcoin (BTC) treasury technique with the acquisition of $21 million price of the highest crypto asset.

In a brand new assertion, the corporate says say it purchased 217.18 BTC at a median worth of $96,556.53 per Bitcoin. The asset is at present buying and selling for $95,737.

KULR accomplished the acquisition simply weeks afterward announce that it will embrace a Bitcoin treasury technique. On December 4, the corporate mentioned it will spend as much as 90% of its extra money on BTC.

“The $21 million in BTC bought because the announcement is the primary of ongoing purchases the corporate plans to make sooner or later.”

The corporate says US-based crypto trade Coinbase will provide custody and self-custody of pockets providers for its BTC, in addition to assist for the stablecoin USDC.

Firms have copied the Bitcoin treasury technique of software program firm MicroStrategy, which began shopping for BTC in 2020. Up to now, MicroStrategy has made billions of {dollars} in income.

In November, YouTube rival Rumble introduced that its board of administrators voted to approve an business diversification technique that can allocate a portion of the corporate’s extra money reserves to Bitcoin.

Bitcoin mining firm MARA now owns 44,394 BTC price $4.25 billion after buying 15,574 BTC earlier this month. Medical expertise and software program firm Semler Scientific has additionally amassed 1,873 BTC price $179 million in Bitcoin treasuries.

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