The publicly traded company is the latest to adopt a Bitcoin treasury, joining a growing number of firms adding BTC to their balance sheets.
New York Stock Exchange-listed KULR Technology Group has announced the acquisition of 217.18 Bitcoin (BTC) for approximately $21 million, marking the launch of its Bitcoin treasury.
According to a Dec. 26 announcement, the purchase was made at an average price of $96,556.53 per Bitcoin. KULR said the acquisition is the first of several planned purchases as part of a broader strategy to allocate up to 90% of its surplus cash into Bitcoin.
The company selected Coinbase Prime to provide custody and self-custodial wallet services for its BTC.
