On Monday, the foremost tech-driven thermal management firm, KURL, expanded its Bitcoin portfolio by acquiring an additional 213.4 Bitcoins, valued at approximately $21 million.
KULR Commits to Bitcoin Treasury Strategy
Previously, it was announced that KULR intended to acquire additional Bitcoins in the forthcoming period, following its successful initial purchase of a Bitcoin hoard worth $21 million. As a result, on December 26th, KULR became one of the public companies holding a Bitcoin reserve.
Towards the start of the same month, KULR Technology unveiled its Bitcoin Accumulation Plan, announcing their intention to steadily acquire the foremost cryptocurrency. This move seemed to be prompted by the latest market fluctuations, yet they decided to allocate as much as 90% of their excess cash reserves towards this endeavor.
Based on available information, KULR has financed all of its acquisitions using excess cash and its At-The-Market (ATM) stock program.
After making a new acquisition, KULR has boosted its Bitcoin holdings to a total of approximately 430 BTC (worth around $102,359 each). This latest move brings their total Bitcoin investment up to $42 million. The previous average price at which they bought Bitcoins was roughly $96,556.53 per coin, while the more recent purchase was made at an average price of approximately $98,393.58 per Bitcoin. In the last 24 hours, the volatility of Bitcoin has been around 4.1%, and its current market capitalization stands at $2.03 trillion. Over the same period, the total trading volume of Bitcoin was about $53.38 billion.
KULR Gains Positive Momentum, Unveiled 93.7% BTC Yield
Significantly, KULR Technology Group’s Bitcoin investment strategy has shown promising results. This progress has not only been evident in the Bitcoin scheme but also in their overall market performance. Just a short while after making its initial Bitcoin investment, KULR’s stock soared to an unprecedented peak of $4.80.
In simple terms, the price of Bitcoin has surged significantly this year, and the company has earned a 93.7% return on its initial Bitcoin investment over just two weeks. While this BTC yield doesn’t reflect the company’s overall performance, it indicates that their Bitcoin investment strategy is currently showing promising results, suggesting a successful start for their Bitcoin-related endeavors.
The successful approach MicroStrategy has taken with Bitcoin investments is serving as a model for other public companies looking to diversify their cash reserves. Companies such as KULR Technology, Marathon Digital Holdings (MARA), and Metaplanet are following suit by investing significant portions of their reserves in Bitcoin. This trend among corporations suggests a major shift in conventional financial management practices and strengthens the case for Bitcoin’s emergence as a mainstream investment asset.
Is it likely that an increasing number of businesses will adopt the trend observed with Bitcoin, given its persistent setting new price highs and expanding institutional acceptance?
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2025-01-07 00:15