KULR Invests $21 Million in Bitcoin as Part of Treasury Strategy
on thursday KULR Technology Group, Inc (NYSE:KULR:) announced that it completed 217.18 Bitcoin (CRYPTO: BTC:) for approximately $21 million at an average price of $96,556.53 per BTC.
The purchase follows the company’s Dec. 4 announcement of its Bitcoin Treasury strategy, which announced it would allocate up to 90% of its excess cash to BTC.
The $21 million in BTC bought since the announcement is among the first ongoing purchases the company plans to continue.
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KULR Technology Group was chosen of Coinbase (NASDAQ:COIN) Prime platform to provide custodial, USDC and self-sustaining wallet services for its BTC.
On December 19, KULR Technology Group regained compliance with NYSE American shareholders’ equity norms. The Company was cited for non-compliance with specific capital standards set forth in NYSE American’s letter dated December 20, 2023.
This compliance benchmark has boosted investor confidence, driving KULR shares up more than 90% over the past five trading sessions.
Benchmark: analyst Michael Legg upgraded KULR Technology Group speculative buy rating Raised Buy rating and price target to $5 from $1.
Price action. Shares of KULR traded up 26.60% to $4.33 during a last check on Thursday.
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