What's Going On With KULR Technology Stock Monday?

KULR Technology Group, Inc. KULR shares are trading higher Monday after the company announced it purchased millions of dollars worth of Bitcoin BTC/USD.

The Details: In a new regulatory filing, KULR Technology unveiled the purchase of 213.43 bitcoin for approximately $21 million, resulting in a weighted average cost of $98,393.58 per bitcoin.

The company's $21 million purchase has doubled its total bitcoin purchases to date to $42 million. The latest purchase is in line with KULR Technology’s commitment to hold up to 90% of its surplus cash reserves in bitcoin.

When KULR announced its bitcoin treasury strategy in early December, the company had around $12 million in cash. The company said Monday its bitcoin acquisitions will be guided by market dynamics and anticipated cash flow needs, with the flexibility to adjust the strategy as circumstances evolve.

KULR Technology noted that its bitcoin yield was 93.7% from the company's initial bitcoin purchase in December through Jan. 4.

“We believe the growing global acceptance of bitcoin is still in its early stages. Companies, financial institutions, governments, and the capital markets are recognizing and incorporating blockchain technology, and specifically, BTC into their overall economic toolkits,” said KULR Chairman and CEO Michael Mo.

“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. Given our improved balance sheet, including increased cash balances, I am confident that a bitcoin treasury strategy will strengthen KULR’s financial position as we work to expand operations and manage our financial capital responsibly by adding an independent treasury reserve.”

It’s worth noting that Bitcoin prices were moving higher at the time of writing Monday. Bitcoin was up about 3.65% over a 24-hour period, hovering around $102,000 at last check.

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KULR Price Action: At the time of publication, KULR shares were up 3.01% at $3.42, according to data from Benzinga Pro.

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