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The Daily Hodl 2024-12-27 17:55:11

Tech Firm KULR Scoops Up $21,000,000 Worth of Bitcoin to Start New BTC Corporate Treasury

Energy management platform KULR Technology is debuting its Bitcoin ( BTC ) treasury strategy with the acquisition of $21 million worth of the flagship crypto asset. In a new statement, the company says it bought 217.18 BTC at an average price of $96,556.53 per Bitcoin. The asset is currently trading for $95,737. KULR completed the purchase just weeks after announcing that it would embrace a Bitcoin treasury strategy. On December 4th, the firm said that it would allocate up to 90% of its surplus cash for BTC. “The $21 million of BTC purchased since the announcement is the first of ongoing purchases the Company intends to make going forward.” The firm says US-based crypto exchange Coinbase will provide custody and self-custodial wallet services for its BTC as well as support for the stablecoin USDC . Companies have been copying the Bitcoin treasury strategy of software firm MicroStrategy, which started buying BTC in 2020. So Far, MicroStrategy has seen billions of dollars in gains. In November, YouTube rival Rumble announced that its board of directors has voted to approve a corporate treasury diversification strategy that will allocate a portion of the company’s excess cash reserves for Bitcoin. Bitcoin mining company MARA now owns 44,394 BTC worth $4.25 billion following its acquisition of 15,574 BTC earlier this month. Medical technology and software company Semler Scientific has also accumulated 1,873 BTC worth $179 million in its Bitcoin treasury holdings. Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post Tech Firm KULR Scoops Up $21,000,000 Worth of Bitcoin to Start New BTC Corporate Treasury appeared first on The Daily Hodl .