Just-In: KULR Buys $21M In BTC Amid Bitcoin Treasury Launch

American energy management company KULR Technology Group Inc. (NYSE American: KULR) on Thursday caused a market stir, revealing that it purchased 217.18 BTC for $21 million. The decision to accumulate the crypto amid the recent market volatility comes falling in line with the firm’s Bitcoin Treasury strategy launched earlier this month.

KULR Acquires $21M Worth BTC Sparking Market Discussions

In an official press release dated December 26, KULR Technology Group, Inc. announced that it had completed the purchase of 217.18 BTC for approximately $21 million. Per the company’s announcement, the average price for the purchase was registered as $96,556.53 per Bitcoin.

Notably, the massive purchase falls in line with the energy management company’s Bitcoin Treasury strategy announced on December 4, i.e., earlier this month. For context, the firm’s new treasury plan boasts of allocating up to 90% of its surplus cash to purchase the flagship crypto. As an initial effort forging ahead with this endeavor, KULR announced the purchase of $21 million worth of BTC, as mentioned above.

Also, the firm chose the Coinbase Prime platform to avail of custody, USDC, and self-custodial wallet services for its BTC. Altogether, the massive purchase has set off waves of discussions across the broader industry as the crypto market currently faces turbulence whilst the purchase paves a bullish path for the crypto’s future movements.

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