KULR invests $21 million in Bitcoin as part of treasury strategy

Thursday, KULR Technology Group, Inc (New York Stock Exchange:Kohler) announced that it has completed the purchase of 217.18 Bitcoin (CRYPTO: Bitcoin) for approximately $21 million, with an average price of $96,556.53 per Bitcoin.

The purchase comes on the heels of the company’s December 4th announcement of its Bitcoin treasury strategy, which announced allocating up to 90% of its cash surplus to Bitcoin.

The $21 million worth of bitcoin purchased since the announcement is the first of ongoing purchases the company intends to make moving forward.

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KULR Technology Group was selected Coinbase (Nasdaq:currency) is a major platform for providing custodial services, USDC and its own BTC self-custodial wallet.

On December 19, KULR Technology Group regained compliance with the New York Stock Exchange Shareholder rights standards. The company was cited for non-compliance with specific equity standards outlined in a December 20, 2023 letter from NYSE American.

This significant compliance milestone has boosted investor confidence, sending KULR shares up more than 90% over the past five trading sessions.

Standard Analyst Michael Legg upgraded KULR Technology Group from Speculative buy rating to a Buy rating and raised the price target from $1 to $5.

Price action: KULR stock was up 26.60% to $4.33 at last check on Thursday.

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