KULR Launches Bitcoin Treasury with Purchase of 217.18 Bitcoin for $21 Million
KULR Technology Group has purchased 217.18 Bitcoin (BTC) for approximately $21 million, with an average price of $96,556.53 per BTC. This acquisition follows the company's December 4th announcement of its Bitcoin Treasury strategy, which outlined plans to allocate up to 90% of surplus cash to BTC. The company has selected Coinbase Prime platform for custody, USDC, and self-custodial wallet services. This purchase marks the first of ongoing BTC acquisitions KULR intends to make in the future.
KULR Technology Group ha acquistato 217,18 Bitcoin (BTC) per circa 21 milioni di dollari, con un prezzo medio di $96,556.53 per BTC. Questo acquisto segue l'annuncio della strategia Bitcoin Treasury dell'azienda del 4 dicembre, che delineava piani per allocare fino al 90% del cash surplus in BTC. L'azienda ha scelto la piattaforma Coinbase Prime per i servizi di custodia, USDC e wallet autogestiti. Questo acquisto segna il primo di una serie di acquisizioni di BTC che KULR intende effettuare in futuro.
KULR Technology Group ha comprado 217.18 Bitcoin (BTC) por aproximadamente $21 millones, con un precio promedio de $96,556.53 por BTC. Esta adquisición sigue al anuncio de la estrategia Bitcoin Treasury de la compañía del 4 de diciembre, que esbozó planes para asignar hasta el 90% del efectivo excedente a BTC. La empresa ha seleccionado la plataforma Coinbase Prime para los servicios de custodia, USDC y billetera autogestionada. Esta compra marca la primera de las adquisiciones continuas de BTC que KULR planea realizar en el futuro.
KULR 기술 그룹은 약 2100만 달러에 217.18 비트코인(BTC)을 구매했으며, BTC당 평균 가격은 $96,556.53입니다. 이 인수는 회사의 비트코인 금고 전략 발표 후 이루어졌으며, 이는 잉여 현금의 최대 90%를 BTC에 배정할 계획을 포함하고 있습니다. 회사는 Coinbase Prime 플랫폼을 보관, USDC 및 자가 보관 지갑 서비스에 선택했습니다. 이 구매는 KULR이 앞으로 진행할 예정인 BTC 인수의 첫 번째 사례입니다.
KULR Technology Group a acheté 217,18 Bitcoin (BTC) pour environ 21 millions de dollars, avec un prix moyen de $96,556.53 par BTC. Cette acquisition fait suite à l'annonce de la stratégie Bitcoin Treasury de l'entreprise du 4 décembre, qui décrivait des plans pour allouer jusqu'à 90% des liquidités excédentaires en BTC. L'entreprise a choisi la plateforme Coinbase Prime pour les services de garde, USDC et portefeuille autogéré. Cet achat marque le premier d'une série d'acquisitions de BTC que KULR prévoit de réaliser à l'avenir.
KULR Technology Group hat 217,18 Bitcoin (BTC) für etwa 21 Millionen Dollar erworben, mit einem Durchschnittspreis von $96.556,53 pro BTC. Diese Akquisition folgt auf die Ankündigung der Bitcoin Treasury-Strategie des Unternehmens am 4. Dezember, die Pläne skizzierte, bis zu 90% des überschüssigen Kapitals in BTC zu investieren. Das Unternehmen hat die Coinbase Prime-Plattform für Verwahrung, USDC und Selbstverwahrungs-Wallet-Dienste ausgewählt. Dieser Kauf markiert die erste von kontinuierlichen BTC-Akquisitionen, die KULR in der Zukunft durchführen möchte.
- Strategic allocation of $21 million in Bitcoin diversifies treasury holdings
- Partnership with established cryptocurrency platform Coinbase Prime for custody services
- Clear execution of announced Bitcoin Treasury strategy
- Significant cash commitment (90% of surplus) to volatile cryptocurrency assets
- High average purchase price of $96,556.53 per Bitcoin increases downside risk
- Substantial exposure to cryptocurrency market volatility
Insights
KULR's
The timing of this purchase coincides with Bitcoin's historic price levels, suggesting either strong conviction in further appreciation or potential overexposure to cryptocurrency market volatility. This strategy mirrors MicroStrategy's approach but carries elevated risk given KULR's smaller market cap of
For investors, this represents a de facto conversion of KULR into a hybrid stock - part energy management company, part Bitcoin proxy. The stock's performance will likely become increasingly correlated with Bitcoin price movements, potentially overshadowing the core business fundamentals. This treasury transformation effectively turns KULR into a leveraged Bitcoin play, which could amplify both gains and losses for shareholders.
The magnitude of this treasury reallocation demands scrutiny from a risk management perspective. Committing to invest
Key risk factors include:
- liquidity reserves for operational needs
- Exposure to cryptocurrency regulatory changes
- Potential mark-to-market losses affecting quarterly reports
- Increased correlation with crypto market volatility
Think of this as transforming the company's treasury from a stable bank account into a volatile investment portfolio. For a company in the energy management sector, this level of financial experimentation represents a material deviation from industry standards and could impact relationships with conservative business partners or institutional investors.
HOUSTON, Dec. 26, 2024 (GLOBE NEWSWIRE) -- KULR Technology Group, Inc. (NYSE American: KULR) (the “Company” or “KULR”), a leader in advanced energy management platforms, today announced that it has completed the purchase of 217.18 Bitcoin (“BTC”) for approximately
The purchase follows the Company’s announcement on December 4th of its Bitcoin Treasury strategy in which it announced allocating up to
For more information, visit www.kulrtechnology.com.
About KULR Technology Group Inc.
KULR Technology Group Inc. (NYSE American: KULR) delivers cutting edge energy storage solutions for space, aerospace, and defense by leveraging a foundation of in-house battery design expertise, comprehensive cell and battery testing suite, and battery fabrication and production capabilities. The Company’s holistic offering allows delivery of commercial-off-the-shelf and custom next generation energy storage systems in rapid timelines for a fraction of the cost compared to traditional programs. For more information, please visit www.kulrtechnology.com.
Safe Harbor Statement
This release contains certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements, due to risks and uncertainties associated with our business, which include the risk factors disclosed in our Form 10-K filed with the Securities and Exchange Commission on April 12, 2024, as may be amended or supplemented by other reports we file with the Securities and Exchange Commission from time to time. Forward-looking statements include statements regarding our expectations, beliefs, intentions, or strategies regarding the future and can be identified by forward-looking words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” and “would” or similar words. All forecasts are provided by management in this release are based on information available at this time and management expects that internal projections and expectations may change over time. In addition, the forecasts are entirely on management’s best estimate of our future financial performance given our current contracts, current backlog of opportunities and conversations with new and existing customers about our products and services. We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.
Investor Relations:
KULR Technology Group, Inc.
Phone: 858-866-8478 x 847
Email: ir@kulrtechnology.com
FAQ
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