KULR (KULR) Surges After $21 Million Bitcoin Investment

1 day ago

Energy management company KULR Technology Group (KULR, Financial) announced a $21 million Bitcoin purchase, acquiring 217.18 Bitcoins at an average price of $96,556.53 each. The company plans to allocate 90% of its cash reserves to Bitcoin. This strategic move led to KULR's stock price soaring over 40%, marking a remarkable 1500% increase since its low in early November.

Despite a general decline in cryptocurrency-related stocks, KULR's shares bucked the trend, nearing their IPO peak from July 2018. The company chose Coinbase for its Bitcoin transactions, highlighting its commitment to integrating cryptocurrency into its financial strategy.

In contrast, MicroStrategy (MSTR), another major Bitcoin investor, saw a temporary drop of over 4% as it continues to expand its Bitcoin holdings, planning to raise $42 billion to bolster its position in the crypto market.

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I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.

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