KULR Technology Acquires 217 Bitcoin for $21 Million
KULR Technology Group Inc., an American energy management firm, has purchased 217.18 Bitcoin for $21 million at a market price of $95,446.34.
The NYSE-listed company initiated its Bitcoin Treasury strategy on December 4, aligning this decision with recent market volatility.
KULR's Shift to Bitcoin
KULR acquired each Bitcoin at an average price of $96,556.53 and plans to allocate up to 90% of its surplus cash to future BTC acquisitions. This $21 million purchase marks the beginning of a larger accumulation strategy.
KULR selected Coinbase Prime for custody services for its Bitcoin holdings. The company is known for its energy storage solutions in space, aerospace, and defense sectors.
With expertise in battery design and testing, KULR’s adoption of Bitcoin illustrates a strategic pivot into the cryptocurrency market.
This acquisition has sparked industry discussions, including comments from MicroStrategy’s CEO regarding KULR’s BTC purchase amid market fluctuations.
Bitcoin Price Outlook
In the past 24 hours, Bitcoin's price fluctuated between $95,137.89 and $99,884.57, reflecting a 3% decline. Technical analysis indicates a potential rise to $120,000.
Market expert Peter Brandt predicts that Bitcoin may reclaim its all-time high of $108,000 soon, despite recent market instability. Other analysts project Bitcoin could reach $250,000 by 2030, driven by institutional adoption and mainstream acceptance.
These bullish forecasts contribute to the rationale behind KULR's recent Bitcoin acquisition.
Growing Trend of Bitcoin Reserves
Establishing Bitcoin reserves is becoming common in the cryptocurrency sector. Institutions like MicroStrategy and MARA Holdings, along with KULR Tech, are participating in this trend.
U.S. president-elect Donald Trump has proposed allocating funds for a national Bitcoin reserve, facing criticism but remaining committed to the plan.
Conversely, Japanese Prime Minister Shigeru Ishiba has rejected adding Bitcoin to Japan’s reserves due to unclear global strategies and legal limitations.