KULR Technology Group, Inc., a thermal energy management company, increased its Bitcoin holdings with the purchase of 213.4 BTC worth $21 million.
The purchase made through Coinbase Prime fits into the corporate strategic efforts to move 90% of its cash into Bitcoin (BTC) within the newly adopted treasury strategy. As reported by blockchain analytics firm Arkham Intelligence on Jan. 6, the latest transaction brings KULR’s BTC holdings to 430.6 BTC, valued at approximately $42 million, with an average purchase price of $97,537 per BTC.
This marks the company’s second major BTC purchase in a month. On Dec. 26, 2024, KULR Technology acquired 217.18 BTC for $21 million at an average price of $96,556 per BTC.
Established in 2013 and headquartered in San Diego, KULR Technology has developed advanced thermal management solutions across a multi-sector umbrella, mainly those related to energy storage, electric vehicles, aerospace, and cloud computing. The company is also known for its new-age technology, which is driven by battery safety and thermal energy management, and it works with industries in need of high-performance energy solutions.
According to Michael Mo, the CEO of KULR Technology and a strong proponent of BTC, the company’s Bitcoin treasury policy strengthens its financial position, supporting operational expansion and long-term capital management through an independent reserving strategy.
He pointed out that the distinct characteristics of BTC entail prospects for further serious interest and would stand guard against developing current events such as geopolitics, inflation, and any other macro-and political events impacting the developed economies.
For a company, BTC’s attractiveness as an asset for their treasury is secured in its limited supply of 21 million coins that exist in the market. Companies like KULR Technology leverage it, given its potential for high yields and better liquidity. BTC also acts as a pillar against inflation and economic dysfunction. This also corresponds with the growing trend among institutions to adopt BTC.
