Publicly Traded Firm KULR Just Added More Bitcoin to Its Treasury

Public Company Kulr, which offers solutions for energy storage for space and defense companies, has just bought more Bitcoin For his treasury.

San Diego, California, started to stack SATs in December when it bought 217.18 Bitcoin for around $ 21 million. Then, last month, it bought Another $ 21 million in Oranje Coins.

And on Tuesday, KULR announced – who acts on the NYSE – another $ 10 million purchase. It now has 610.3 BTC, worth more than $ 59 million, according to Today’s price from $ 97,000 per coin.

The shares have fallen by more than 4%today and is traded at $ 2.26 per share.

Kulr did not respond immediately DecryptThe request for comment, but said in his announcement that it is committed to placing up to 90% of his surplus cash reserves in Bitcoin.

The company – and other American public companies – follow in the footsteps of the strategy (previously known as Micro strategy). The software company in 2020 started to buy Bitcoin as a way to get a better return for shareholders. It now contains 478,740 BTC worth $ 46.4 billion.

Strategy now works to securitize Bitcoin – or enable investors to buy shares to get safe, regulated exposure to the cryptocurrency. Co-founder and chairman of the company Michael Saylor has said That buying Bitcoin can make a company ‘live forever’.

Other public companies such as marketing company on social media DumzupHealthcare Company Cosmos Healthand video streaming platform Rumbling are some of the last to accept a similar strategy.

Edited by Andrew Hayward