A expertise firm listed on the New York Inventory Change (NYSE) has initiated a transition in its money administration to Bitcoin as the corporate strikes towards cryptocurrency.
KULR Know-how Group, Inc. embraced cryptocurrency after buying over 200 Bitcoins price $21 million, following different tech business leaders who’ve delved into digital property .
New treasury technique
KULR Know-how Group, Inc. introduced that it has redefined its treasury technique by pivoting to Bitcoin, saying the corporate has taken inspiration from different tech giants which have adopted cryptocurrencies.
The NYSE-listed firm mentioned it accomplished the acquisition of roughly 217 Bitcoins with an estimated worth of $21 million, including that the expertise firm bought the primary cryptocurrency at a median worth of $96,556 per coin .
Michael Mo, CEO of KULR Know-how Group, mentioned the corporate is following expertise business leaders who’ve pioneered the adoption of Bitcoin of their money administration.
KULR launches Bitcoin Treasury with the acquisition of 217.18 Bitcoin for $21 million.
Watch now and see our press launch for extra info: https://t.co/GClCvKTjUH pic.twitter.com/BmUWYXzMuY
– KULR Know-how (@KULRTech) December 26, 2024
Mo credited MicroStrategy co-founder Michael Saylor for displaying how one can use cryptocurrency in treasury administration, saying Saylor made them conscious of Bitcoin as a brand new treasury technique.
“KULR Know-how Group actually walks within the shadow of giants, like MicroStrategy Integrated and Nvidia Corp. It’s thanks to those corporations, leaders and their method to Bitcoin and AI which have paved the way in which for KULR,” mentioned Mo mentioned in an article.
Saylor, a staunch Bitcoin advocate, has urged companies and the US authorities to shift their investments in the direction of Bitcoin.
THANKS @saylor to make recognized our new $BTC Money stream technique.@KULRTech actually walks within the shadows of giants, like $MSTR & $NVDA. It's thanks to those corporations, these leaders and their method #bitcoin & #AI who paved the way in which for $KULR.
Extremely…
-Michael Mo (@michaelmokulr) December 26, 2024
Money surplus in Bitcoin
In a press launch, KULR Know-how Group mentioned the acquisition of Bitcoin was a part of the corporate's new treasury technique, including that the expertise firm goals to allocate as much as 90% of its extra money to alpha cryptocurrency.
The corporate revealed that the $21 million Bitcoin acquisition is simply the primary in a sequence of ongoing cryptocurrency purchases the corporate would make because it strikes ahead in its money stream technique.
Based on the publicly traded firm, it has chosen crypto trade Coinbase as its main platform for its custody options wants. The platform will even be the corporate's self-custodial pockets for Bitcoin.
Moreover, the expertise firm's inventory worth jumped 40% after the announcement of the Bitcoin strategic reserve plan.
Strategic alignment
Mo revealed that KULR's Bitcoin technique is enormously influenced by how MicroStrategy approaches BTC.
“He calls BTC digital power, which actually suits our mission as a result of we’re an power administration firm for batteries and house functions are our core enterprise,” Mo mentioned.
He defined that the connection between KULR's core enterprise and the basic expertise of Bitcoin is linked by strategic alignment of their funding technique.
KULR Know-how Group joins many corporations which are integrating Bitcoin into their money administration comparable to Matador Applied sciences, a Canadian firm, which is contemplating buying $4.5 million price of Bitcoin to protect its capital.
Featured picture from Pexels, chart from TradingView
