In brief
- KULR bought $9 million worth of Bitcoin for its treasury.
- The total value of its Bitcoin Treasury is now worth $78 million.
- KULR is just one of several public companies that has adopted Strategy’s Bitcoin-buying playbook.
Energy storage company KULR Technology Group has bought an additional $9 million Bitcoin for its corporate treasury, the company announced Tuesday, part of a recent surge of companies that have been building treasuries of the digital asset.
Publicly traded KULR, which has headquarters in Houston, now holds 800.3 tokens worth about $85 million, based on current pricing.
The company bought its latest Bitcoin at an average price of $103,234 per token. Bitcoin was recently trading at roughly $106,200, up about a percentage point over the past 24 hours and more than 25% over the past month, according to crypto markets data provider CoinGecko.
KULR is trading at $1.24 as of writing time, down 3% over the past 24 hours.
Multiple companies have added to their Bitcoin stores in recent months amid an upturn in wider crypto markets that has dovetailed with the re-election of Donald Trump, who has been supportive of the industry. On Monday, Michael Saylor’s software firm Strategy and Tokyo-based Metaplanet upped their Bitcoin holdings by $764.9 and $104.8 million, respectively.
Strategy, formerly MicroStrategy, now holds more than 576,000 Bitcoin worth about $61 billion based on current prices, according to BitcoinTreasuries.net. Japan-based Metaplanet holds about 7,800 Bitcoin worth over $826 million.
KULR debuted its Bitcoin Treasury Strategy last December, less than a month after self-billed pro-crypto President Donald Trump’s re-election kicked off a digital assets trading frenzy in the U.S. The firm’s strategy calls for its team to hold up to 90% of its surplus cash reserves in Bitcoin—a plan other public companies, including California-based ThumzUp Media, have emulated over the past few months.
The company provides energy management products and services, including battery and thermal energy systems, for the aerospace, space and defense industries.
The firm’s latest Bitcoin buy also comes a few days ahead of U.S. President Donald Trump’s highly publicized dinner with more than 200 top holders of his meme coin, Official Trump. Bitcoin was recently trading at $104,699 — less than $5,00 shy of its highest price, CoinGecko data shows.
Amid that Trump-fueled crypto market rally, several public and private companies are stocking their treasuries with the world’s oldest cryptocurrency.
Edited by James Rubin
Editor’s note: This story was updated after publication to correct the headline figure.
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