KULR Technology Group expanded its Bitcoin holdings, purchasing an additional 100 BTC for approximately $10.4 million. The acquisition, at an average price of $103,905 per Bitcoin inclusive of fees and expenses, was disclosed in an 8-K filing with the Securities and Exchange Commission.
According to The Block, this purchase increases KULR’s total Bitcoin holdings to 610.3 BTC, valued at nearly $60 million at current prices, with an average acquisition cost of $98,312 per Bitcoin, as stated by CEO Michael Mo.
KULR, known for its thermal management solutions, is implementing a Bitcoin treasury strategy that was announced on December 4, 2024. The strategy involves allocating up to 90% of the company’s surplus cash reserves to Bitcoin investments.
This approach mirrors the tactics used by other firms such as Strategy (formerly MicroStrategy), Semler Scientific (NASDAQ:SMLR), Metaplanet, and Japanese game maker Gumi, which have also adopted Bitcoin acquisition strategies.
The company evaluates the success of its Bitcoin strategy using a metric called BTC Yield, which measures the period-to-period percentage change in the ratio of KULR’s Bitcoin holdings to its assumed diluted shares outstanding. KULR has reported a BTC Yield of 167.3% year-to-date, funding its Bitcoin purchases through surplus cash and its at-the-market equity program.
KULR’s stock experienced a significant rise, closing up more than 28% on Monday, and saw a slight increase of 0.4% in pre-market trading on Tuesday, as per data from TradingView.
In related news, Strategy resumed its Bitcoin purchases after a brief hiatus, acquiring an additional 7,633 BTC for about $742.4 million between February 3 and February 9. Strategy’s Bitcoin holdings now total 478,740 BTC, valued at over $46 billion, with more than $20 billion worth acquired during a 12-week buying streak prior to the latest purchase.
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