On Thursday, KULR Technology Group, Inc. announced that it has completed the purchase of 217.18 Bitcoin for approximately $21 million, at an average price of $96,556.53 per BTC.

KULR stock is up 40% at $4.8 on Thursday.

The purchase follows the company’s announcement on December 4 of its Bitcoin Treasury strategy, which announced allocating up to 90% of its surplus cash to BTC.

The $21 million BTC purchased since the announcement is the first of ongoing purchases the company intends to make going forward.

KULR Technology Group selected Coinbase Global, Inc.’s Prime platform to provide custody, USDC, and self-custodial wallet services for its BTC.

On December 19, KULR Technology Group regained compliance with NYSE American’s stockholder equity norms. The company had been cited for non-compliance with specific equity standards outlined in a December 20, 2023, letter from NYSE American.

This compliance milestone has boosted investor confidence, driving KULR’s stock up more than 90% over the past five trading sessions.

Benchmark analyst Michael Legg upgraded KULR Technology Group from a Speculative Buy rating to a Buy rating and raised the price target from $1 to $5.