KULR Purchases $8M in Bitcoin, Expands Holdings to 510 BTC
KULR (KULR), a leading provider of advanced energy-management systems, has further increased its Bitcoin (BTC) holdings with a $8 million investment. This new purchase, made at an average price of $101,695 per Bitcoin, brings the company’s total Bitcoin holdings to 510 BTC, making its total Bitcoin investment $50 million.
This move follows the company’s December 4 announcement, where KULR revealed plans to allocate part of its surplus cash to Bitcoin as the cryptocurrency continues to gain acceptance among public companies looking to diversify their treasury strategies.
Strong Bitcoin Yield and Stock Market Response
The company has reported a 127% yield on its Bitcoin holdings so far this year, a metric that tracks the change in its Bitcoin portfolio relative to its fully diluted shares outstanding. Since announcing its Bitcoin strategy, KULR’s shares have surged 90%, while Bitcoin itself has appreciated 7%.
KULR’s stock closed at $2.28 on Friday, and the company saw a 2.2% increase in pre-market trading on Tuesday, signaling strong investor confidence in the company’s strategy.
As cryptocurrency adoption among corporate treasuries continues to grow, KULR’s decision to significantly increase its Bitcoin holdings underscores its commitment to staying ahead in the evolving digital asset space.
