KULR Technology Doubles Down on Bitcoin, Buys 100 BTC More

KULR Technology Group, a thermal management solution firm, has recently added 100 more Bitcoin (BTC) to its holdings. The firm spent $10.4 million at an average price of $103,905 per BTC, including fees and expenses. 

This purchase was disclosed in an 8-K filing with the Securities and Exchange Commission (SEC) on Tuesday. This latest buy-up reinforces KULR’s commitment to Bitcoin as part of its financial strategy.

KLUR Expands its Bitcoin Holdings

KULR makes cooling technology to keep lithium-ion batteries and energy systems safe and efficient. The company is also following the steps of Strategy, formerly MicroStrategy, by using Bitcoin as a backup asset. 

The intelligence software firm’s Bitcoin treasury is standing at $471,107 after adding 10, 107 BTC to its holdings in January. Reportedly, Strategy is gearing up for more Bitcoin buy up with a $563 million stock offering. 

Interestingly, other companies like Semler Scientific, Metaplanet, and Japanese game company Gumi are doing the same. With this latest purchase, KULR now owns 610.3 BTC, worth nearly $60 million at current market prices. 

In a statement, KLUR’s CEO, Michael Mo, revealed that the company’s total Bitcoin holdings were acquired at an average price of $98,312 per BTC. This aligns with the company’s Bitcoin plan announced on December 4, 2024. The plan allows KLUR to allocate up to 90% of its extra cash to be invested in Bitcoin.

KLUR Measures Bitcoin Performance With BTC Yield

KULR relies on a key performance metric called BTC Yield to measure the success of its Bitcoin investment. This shows how the company’s Bitcoin holdings compare to its total shares over time. It measures the percentage change in this ratio.

This year, KULR has gained 167.3% from Bitcoin. It used extra cash and its stock sale program to buy more. 

Market Response and Stock Performance

Meanwhile, KULR’s Bitcoin strategy is getting attention from investors. On Monday, its stock went up by more than 28%, showing trust in the company’s financial plans. Per TradingView data, its shares were still up by 0.4% by Tuesday morning.