KULR Technology Group, an energy management company based in the United States, recently announced a strategic move by acquiring 217.18 Bitcoin (BTC) worth a total of $21 million (approximately IDR 342 billion), with an average purchase price of $96,556 per BTC.
According to an official statement on Thursday (December 26), KULR Technology revealed that the purchase is part of its Bitcoin Treasury Strategy, designed to allocate up to 90% of the company’s cash surplus into the world’s largest cryptocurrency.
To facilitate this initiative, KULR partnered with Coinbase Prime to provide custodial services, stablecoin USDC management, and self-custodial wallet solutions for their Bitcoin holdings.
“The $21 million BTC purchase is just the initial step in a series of acquisitions we plan to continue in the future,” stated KULR representatives.
This announcement had an immediate positive impact on KULR’s stock performance, with shares surging by 40%, according to Google Finance data.
Inspired by MicroStrategy’s Approach
KULR Technology Group CEO Michael Mo disclosed that the decision was inspired by the strategy of MicroStrategy Chairman Michael Saylor regarding Bitcoin.
“Thank you, Michael Saylor, for raising awareness about our new $BTC Treasury Strategy. KULR is truly walking in the footsteps of giants like MicroStrategy and Nvidia. Because of these companies, their leaders, and their approach to Bitcoin and AI, KULR can now forge its path,” he wrote in a post on X (formerly Twitter) on Friday (December 27).
According to Cointelegraph, KULR had previously conducted an internal survey to gauge shareholder support for the strategy. The results showed overwhelming approval from shareholders.
“We received tremendous support. Now, we’re starting with our first block purchase of Bitcoin and stepping into the future of finance,” Mo added, expressing his belief that Bitcoin represents the future of finance.
A Growing Trend Among Major Corporations
KULR’s move aligns with a global trend where large companies are increasingly incorporating Bitcoin into their cash reserves. Recently, the biopharmaceutical firm Quantum BioPharma announced the acquisition of Bitcoin and other cryptocurrencies worth $1 million on December 20.
Additionally, Japanese investment firm Metaplanet made its largest Bitcoin purchase in history, acquiring nearly 620 BTC in recent days.
The institutional Bitcoin investment strategy was first popularized by MicroStrategy in 2020. The company has since amassed over 444,000 BTC in its reserves and is planning to seek shareholder approval to expand its Bitcoin acquisitions in 2025.
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