Publicly traded firm KULR Technology has acquired $21 million worth of Bitcoin as it begins its journey into BTC as a strategic reserve asset.
American energy management company KULR Technology Group Inc. has purchased 217.18 BTC $95 870 24h volatility: 3.0% Market cap: $1.90 T Vol. 24h: $44.96 B . The purchase was worth $21 million based on the current market price of Bitcoin at $95,446.34.
The NYSE-listed firm launched its Bitcoin Treasury strategy on December 4, further aligning the decision to accumulate the crypto amid the recent market volatility.
KULR Tech bought each Bitcoin unit at an average price of $96,556.53. Upon the launch of its Bitcoin Treasury strategy, KULR hinted at its plan to allocate up to 90% of its surplus cash to BTC acquisition. This makes the $21 million purchase the first of many the firm plans to accumulate in the future.
The energy management company handpicked the Coinbase Prime platform to provide custody service for its BTC. For a long time, KULR has been popular for its energy storage solutions for space, aerospace, and the defense industry.
According to the announcement, it leverages a foundation of in-house battery design expertise and a comprehensive cell and battery testing suite. It also indulges in battery fabrication and production capabilities. Adopting BTC and establishing a Bitcoin reserve reflects its strategic pivot into the cryptocurrency sector.
As it stands, the $21 million purchase has triggered some discussions across the broader industry. MicroStrategy’s CEO has also spotlighted the KULR Technologies BTC purchase amid broader volatility.
During the last 24 hours, Bitcoin experienced significant price swings, fluctuating between $95,137.89 and $99,884.57, marking a 3% decline. Despite this short-term dip, technical analysis and expert forecasts suggest a potential rise to $120,000.
Renowned market expert Peter Brandt is very optimistic about the potential bullish outlook of BTC. Not perturbed by the recent market turbulence, Peter says the coin will likely reclaim the $108,00 All-Time High (ATH) in the coming days. This among other expert’s projections is solidifying investor optimism over the asset’s future movements.
Market watchers continue extensively monitoring the flagship crypto for further price action shifts as new developments unfold.
While Peter Brandt maintains a conservative outlook, other analysts project Bitcoin reaching $250,000 by 2030, driven by increasing institutional adoption through spot ETFs and growing mainstream acceptance.
These bullish predictions underscore the convictions behind KULR’s recent acquisition.
Establishing a Bitcoin strategic reserve is becoming a regular trend in the cryptocurrency industry. Apart from institutions like MicroStrategy, MARA Holdings, and now KULR Tech, many countries have also bought into the idea.
United States president-elect Donald Trump has already announced his plans to allocate some funds to the country’s Bitcoin strategic reserve. He is currently facing criticism for the plan, but he remains unbordered about pulling through.
On the other side, the Prime Minister of Japan, Shigeru Ishiba, has rejected adding Bitcoin to Japan’s reserves. He cited unclear global strategies and legal limitations.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
