Shares of KULR Technology Group (KULR) reached an all-time high on Thursday, closing at $4.80, following the company’s announcement of its first bitcoin investment worth $21 million.
The energy storage provider revealed that it acquired 217.18 bitcoins at an average price of $96,556 each. This investment is part of KULR’s new “Bitcoin Treasury” strategy, which aims to allocate up to 90% of its surplus cash toward purchasing bitcoin. The company has indicated that this is just the first step and plans to acquire additional bitcoin in the future.
The move follows a significant rise in bitcoin’s value, which has hit record levels this year, partly driven by the reelection of Donald Trump, who has expressed his intention to establish the U.S. as the “crypto capital of the planet.”
