Key takeaways
- Shares of KULR Technology Group hit a record high on Thursday after the energy storage provider made its first investment in bitcoin worth $21 million.
- The company purchased 217.18 bitcoins and announced plans to purchase more.
- KULR said it would allocate up to 90% of its excess cash to purchase bitcoin under its “Bitcoin Treasury” strategy.
Shares of KULR Technology Group (KULR) soared to close at a record high of $4.80 on Thursday after the energy storage company made its first investment in bitcoin worth $21 million.
The electrical storage solutions provider announced Thursday that it purchased 217.18 bitcoins at an average price of $96,556 per bitcoin.
The move comes after the company announced earlier this month that it was launching a “Bitcoin Cash” strategy that planned to allocate up to 90% of its excess cash to the digital currency. He said this $21 million purchase was the first under this strategy, with plans to purchase more bitcoins in the future.
Bitcoin investors have been rewarded with significant returns this year as the cryptocurrency has reached record highs following the re-election of Donald Trump, who has previously said he wants to make the United States the “crypto capital of the planet” .
Another company that has benefited from Bitcoin’s rise is Microstrategy (MSTR), the largest company holding the cryptocurrency. Its shares have surged 50% since the election, while KULR’s shares have risen more than 16-fold.
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