Shares of KULR Technology Group (KULR) soared to close at a record high $4.80 Thursday after the energy storage company made its first investment in bitcoin worth $21 million.
The electric storage solutions provider reported Thursday that it bought 217.18 bitcoins at an average price of $96,556 per bitcoin.
The move comes after the company said earlier this month it was launching a "Bitcoin Treasury" strategy that called for allocating up to 90% of its surplus cash to the digital currency. It said this $21 million purchase marks its first toward that strategy, with plans to buy more bitcoin in the future.
Bitcoin investors have been rewarded with big returns this year as the cryptocurrency soared to record highs following the reelection of Donald Trump, who has previously said he wants to make the U.S. the “crypto capital of the planet.”
Another company that has benefited from the runup in bitcoin is Microstrategy (MSTR), the biggest corporate holder of the cryptocurrency. Its shares have surged 50% since the election, while shares of KULR have jumped more than 16-fold.
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