KULR has just acquired more. KULR provides aerospace and defense firms with energy storage systems. Bitcoin Its treasury.
San Diego’s Californian firm began stacking bitcoins last December, when it purchased 217.18 Bitcoins worth approximately $21 Million. Last month, the firm began stacking sats. Purchase Another $21,000,000 worth of orange coins.
And on Tuesday, KULR—which trades on the NYSE—announced another $10 million purchase. According to Reuters, it now has 610.3 BTC worth more than $59 million. The price today The coin is worth $97,000.
Today, its stock price is down more than 4% at $2.26.
KULR didn’t immediately reply to Decrypt“s comment request, but stated in its announcement it was committed to placing up to 90% its surplus cash reserve in Bitcoin.
The company—and other American public firms—are following in the footsteps of Strategy (formerly known as MicroStrategy). In 2020, the software company began buying Bitcoin to increase shareholder returns. Now, it holds 478.740 BTC valued at $46.4 billion.
Strategy now works to securitize Bitcoin—or allow investors to buy its stock in order to get safe, regulated exposure to the cryptocurrency. Michael Saylor, the firm’s chairman and co-founder has You can also read about the importance of this in our article Bitcoin can help a business grow “live forever.”
Some public companies, such as those that offer social media marketing services Thumzup, healthcare company Cosmos HealthVideo streaming and a video platform Rumble Some are among the latest companies to implement a strategy similar to this.
Edited By Andrew Hayward