KULR Technology stock rose to an all-time high after purchasing $21 million worth of Bitcoin
Key takeaways
- Shares of KULR Technology Group rose to an all-time high on Thursday after the energy storage provider made its first investment in bitcoin worth $21 million.
- The company bought 217.18 bitcoins, and said it plans to buy more.
- KULR said it will allocate up to 90% of its surplus cash to purchase bitcoin as part of a “bitcoin treasury” strategy.
KULR Technology Group shares (Kohler) to close at a record high of $ 4.80 on Thursday after the energy storage company made its first investment in Bitcoin Worth 21 million dollars.
The electrical storage solutions provider reported Thursday that it had purchased 217.18 bitcoins at an average price of $96,556 per bitcoin.
The move comes after the company said earlier this month that it had launched a “Bitcoin treasury” strategy that called for allocating up to 90% of its surplus cash to the digital currency. This $21 million purchase represents the first purchase of this strategy, with plans to purchase more Bitcoin in the future, she said.
Bitcoin investors have been rewarded with big returns this year as the cryptocurrency soars Record levels Following the re-election of Donald Trump, who previously said he wanted to make the United States the “crypto capital of the planet.”
Another company that has benefited from the surge in Bitcoin is Microstrategy (MSTR), the largest cryptocurrency holder. Its shares have risen 50% since the election, while KULR shares have jumped more than 16-fold.
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