KULR Technology Group, Inc. (NYSE American: KULR) (“KULR” or the “Company”), a leading innovator in advanced energy management solutions, announced today the completion of its inaugural Bitcoin acquisition as part of its Bitcoin Treasury strategy. The Company has purchased 217.18 Bitcoin (“BTC”) at a total cost of approximately $21 million, reflecting an average purchase price of $96,556.53 per BTC.
This acquisition follows KULR’s announcement on December 4th, detailing its plan to allocate up to 90% of its surplus cash reserves into Bitcoin.
The $21 million investment represents the first phase of the Company’s ongoing Bitcoin purchases, aimed at diversifying its asset holdings and leveraging the digital currency’s potential for long-term value appreciation.
To facilitate the transaction and ensure secure storage, KULR partnered with Coinbase’s (NASDAQ: COIN) Prime platform, which will provide custody solutions, USDC services, and self-custodial wallet capabilities for the Company’s Bitcoin assets.
For more information about KULR’s initiatives, visit www.kulrtechnology.com.
About KULR Technology Group Inc.
KULR Technology Group Inc. (NYSE American: KULR) is a trailblazer in energy storage and thermal management systems, catering to industries such as aerospace, defense, and space exploration.
Leveraging a proprietary blend of in-house expertise in battery design, testing, and production, KULR offers innovative, cost-effective energy storage solutions.
The Company’s unique capabilities enable rapid deployment of both standard and custom energy systems tailored to client needs.
Safe Harbor Statement
This press release contains forward-looking statements that are subject to risks and uncertainties.
These statements are based on current expectations and projections but may differ materially from actual results due to factors disclosed in the Company’s filings with the U.S. Securities and Exchange Commission, including its latest Form 10-K filed on April 12, 2024.
The Company assumes no obligation to update these statements to reflect future developments.