Energy Firm Amasses Fresh Bitcoin Purchase, Raising Treasury Value to $85 Million
Energy Storage Firm KULR Technology Bolsters Bitcoin Treasury
KULR Technology Group, a Houston-based energy storage company, has announced the purchase of an additional $9 million worth of Bitcoin for its corporate treasury. This move is part of a growing trend among public companies to amass the digital asset.
KULR now holds approximately 800.3 Bitcoin tokens, worth around $85 million based on current market prices. The company acquired the latest Bitcoin at an average price of $103,234 per token. As of writing, Bitcoin is trading at around $106,200, marking an increase of about a percentage point over the past 24 hours and more than 25% over the past month, according to CoinGecko.
The firm's stock is currently trading at $1.24, down 3% from the previous day.
Other companies have been following suit, with MicroStrategy (commonly referred to as "Strategy" and headed by Michael Saylor) and Tokyo-based Metaplanet significantly increasing their Bitcoin holdings in recent months. Strategy now possesses over 576,000 Bitcoin, worth approximately $61 billion, while Metaplanet holds approximately 7,800 Bitcoin, worth over $826 million.
KULR unveiled its Bitcoin Treasury Strategy last December, shortly after the re-election of President Donald Trump, which some believe sparked a digital assets trading frenzy in the U.S. The strategy permits the company to hold up to 90% of its surplus cash reserves in Bitcoin, a strategy that has been mimicked by other public companies, including California-based ThumzUp Media.
KULR provides energy management products and services, particularly for the aerospace, space, and defense industries. Its latest Bitcoin purchase comes just days before President Trump's highly publicized dinner with over 200 top holders of his meme coin, Official Trump. As of writing, Bitcoin is trading at $104,699, less than $5,000 shy of its highest price to date, according to CoinGecko data.
As the trend of companies amassing Bitcoin continues, more public and private entities are stockpiling the world's oldest cryptocurrency in their treasuries.
- KULR Technology's acquisition of Bitcoin is reflective of a growing trend among public companies, accumulating digital assets for their corporate treasury.
- KULR Technology currently holds about 800.3 Bitcoin tokens, worth approximately $85 million, with the latest purchase valued at around $103,234 per token.
- The current price of Bitcoin is around $106,200, marking an increase of about a percentage point over the past 24 hours and more than 25% over the past month.
- Other companies, such as MicroStrategy and Tokyo-based Metaplanet, have also increased their Bitcoin holdings significantly in recent months, with MicroStrategy possessing over 576,000 Bitcoin and Metaplanet holding approximately 7,800 Bitcoin.
- KULR's Bitcoin Treasury Strategy, announced last December, permits the company to hold up to 90% of its surplus cash reserves in Bitcoin, a strategy mimicked by other public companies like California-based ThumzUp Media.
- As more companies amass Bitcoin, the crypto market is witnessing an influx of public and private entities stockpiling the world's oldest cryptocurrency in their treasuries, such as the case with KULR Technology Group.
