California-Based KULR Technology Group Enters the Bitcoin Market, Purchases $21M Worth of BTC

California-based KULR Technology Group (NYSE:KULR) recently entered the Bitcoin (BTC) market, purchasing 217.18 BTC valued at approximately $21 million. This Bitcoin purchase announcement quickly reignited confidence in the firm, with its stock soaring 30% in the last 24 hours.

KULR, which offers energy management solutions, said it bought 217.18 BTC at an average price of $96,556 per coin. The move comes after the company announced plans to launch a “Bitcoin Treasury” strategy earlier this month.

At the time, KULR said it would allocate up to 90% of its surplus cash to the digital currency as a long-term asset. Thus, this $21 million purchase marks its first step toward that strategy, with plans to buy additional Bitcoin.

Per the details, Coinbase’s Prime platform will provide custody, USDC, and self-custodial wallet services for KULR’s Bitcoin holdings. KULR’s shares shot up 30% following the announcement and now trades at $4.55 at the time of writing.

The action taken by KULR is consistent with an increasing trend of businesses adding Bitcoin to their balance sheets.

KULR Technology Group is known for delivering innovative energy storage solutions for space, aerospace, and defense.

The firm leverages an in-house battery design expertise foundation, a comprehensive cell and battery testing suite, and battery fabrication and production capabilities. The company’s solutions allow the delivery of commercial off-the-shelf and custom next-generation energy storage systems on a rapid timeline and at reduced cost.

KULR provides advanced energy storage solutions, including lightweight, high-performance batteries for space applications, energy storage systems for aerospace and defense, and advanced energy storage solutions for commercial applications.

The company’s space solutions are designed to meet the unique demands of space missions, offering high energy density, long cycle life, and excellent thermal stability. These batteries are used in a variety of space applications, including satellites, launch vehicles, and deep space probes.

KULR’s aerospace and defense solutions are tailored to the specific needs of military and defense contractors, providing lightweight, high-power energy storage systems for a range of applications. These systems are designed to meet stringent military specifications and are used in aircraft, ground vehicles, and other defense technologies.

In addition, KULR offers advanced energy storage solutions for commercial applications, such as electric vehicles, renewable energy systems, and industrial equipment. These solutions are designed to provide high efficiency, long life, and low maintenance, making them ideal for a variety of commercial uses.

Overall, KULR’s energy storage solutions are engineered to meet the demanding requirements of space, aerospace, defense, and commercial applications, providing lightweight, high-performance, and reliable energy storage systems.