Zinger Key Points
- KULR Technology purchases 217.18 Bitcoin for approximately $21 million.
- The company plans to allocate up to 90% of its surplus cash to Bitcoin under its Bitcoin Treasury strategy.
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KULR Technology Group Inc KULR shares are trading higher Thursday after the company announced a Bitcoin BTC/USD purchase under its newly-adopted Bitcoin Treasury strategy.
What To Know: At the beginning of December, KULR announced plans to include Bitcoin as a primary asset in its treasury program. The company said that it planned to allocate up to 90% of its surplus cash to Bitcoin.
“Given the unique characteristics of BTC, it provides long term appreciation and a bulwark against geopolitical, inflationary, and other macro-economic and political trends affecting all developed economies,” said Michael Mo, chairman and CEO of KULR Technology.
On Thursday, KULR announced that it purchased 217.18 Bitcoin for approximately $21 million. The purchases were made at an average price of $96,556.53 per Bitcoin.
KULR selected Coinbase Prime for wallet services for its Bitcoin. The company noted that this is the first purchase in a string of expected ongoing purchases the company expects to make going forward under its Bitcoin Treasury strategy.
See Also: Dogecoin Price Down 4%: What Is Going On?
KULR Price Action: KULR Technology shares were up 2.19% at $3.49 at the time of publication, according to Benzinga Pro.
Photo: Shutterstock.
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