KULR Technology Invests $21M in Bitcoin, Allocates 90% of Surplus Cash to BTC

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Analysts Monitor Bitcoin at $66K Support as Volatility Rises

  • KULR spends $21M in Bitcoin, utilizing 90% of excess cash to improve financial stability.
  • KULR collaborates with Coinbase Prime as its custody provider and Bitcoin treasury manager.
  • Bitcoin becomes more popular in corporations where teams such as MicroStrategy start to incorporate it as an inflation hedge asset.

KULR Technology has purchased 217.18 Bitcoins for $21 Million at an average of $96,556 each. The financial strategy of the company is to invest all the available surplus cash of up to 90% in Bitcoin. This comes after more firms started using Bitcoin in their balance sheets as an inflation hedge and a means of preserving value.  

The purchase followed KULR’s earlier announcement of its Bitcoin Treasury strategy. The company emphasized that Bitcoin’s growing global adoption made it an appealing asset for long-term financial stability. CEO Michael Mo highlighted Bitcoin’s potential to strengthen the company’s balance sheet and contribute to its operational growth.  

Strategic Bitcoin Investment Through Coinbase Prime 

KULR partnered with Coinbase Prime for custody, USDC services, and secure self-custodial wallet management. This partnership ensures secure storage and smooth management of the acquired Bitcoin. The basic level of investment is reported to be $ 21 million, with the company suggesting that it will continue to make acquisitions of bitcoins in the following years.  

KULR’s approach resembles those used in other corporations with similar goals and objectives such as power plant corporations. For instance, Genius Group recently announced Bitcoin purchases worth $4 million, increasing its total holdings to 153 BTC. The company also follows a Bitcoin-first reserve strategy, allocating over 90% of its cash reserves to the cryptocurrency.  

Growing Trend Among Corporate Bitcoin Adopters  

Other tech firms such as MicroStrategy and an American NASDAQ listed firm, Acurx, have also ramped up their investments in Bitcoin. Such firms believe that Bitcoin is a great protection against inflation and a viable store of value. Furthermore, its usage in corporate finance also advances because more institutions invest in Bitcoin.  

Bitcoin has shown durability and reliability amid stock markets fluctuations, and corporations appreciate the digital currency’s continuous growth trajectory. Through integrating Bitcoin into their planning and management, such businesses as KULR try to improve their vulnerability to financial instability and position for the future.  

The increasing use of Bitcoin by corporations continues to indicate that the world is changing its mode of financial operation. Due to the growing adoption of Bitcoin, it may be expected that this digital asset will strengthen its position in the corporate treasury market further. This trend shows growing optimism in Bitcoin as an important component of contemporary portfolio management.

The post KULR Technology Invests $21M in Bitcoin, Allocates 90% of Surplus Cash to BTC appeared first on Crypto News Land.

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