Stock Track | KULR Technology Soars 5.83% Pre-Market as Bitcoin Treasury Strategy Sparks Rally

Stock Track

2024-12-27

Shares of KULR Technology Group, Inc. (KULR) surged 5.83% in pre-market trading on Friday, following the company's announcement of a $21 million investment in Bitcoin (BTC) as part of its newly unveiled "Bitcoin Treasury" strategy.

On Thursday, the energy storage solutions provider made headlines when it revealed that it had acquired 217.18 BTC at an average price of $96,556.53 per coin. This investment marks the first step in KULR's plan to allocate up to 90% of its surplus cash reserves into the leading cryptocurrency over time.

The move aligns with an emerging trend of corporations embracing Bitcoin as a potential hedge against inflation and a means of capital preservation. KULR's CEO, Michael Mo, expressed his belief in the future of Bitcoin, stating, "We believe that BTC is the future of money." The company's decision to invest in Bitcoin is part of a broader vision of integrating cutting-edge technologies, including artificial intelligence, robotics, and digital currencies, into its corporate structure.

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(KULR) surged 5.83% in pre-market trading on Friday, following the company's announcement of a $21 million investment in Bitcoin (BTC) as part of its newly unveiled \"Bitcoin Treasury\" strategy.</p>\n\n<p>On Thursday, the energy storage solutions provider made headlines when it revealed that it had acquired 217.18 BTC at an average price of $96,556.53 per coin. This investment marks the first step in KULR's plan to allocate up to 90% of its surplus cash reserves into the leading cryptocurrency over time.</p>\n\n<p>The move aligns with an emerging trend of corporations embracing Bitcoin as a potential hedge against inflation and a means of capital preservation. 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