KULR Technology, a company specializing in advanced energy management platforms, has purchased an additional $5 million worth of Bitcoin, according to its recent filing.
With its most recent purchase, the average price per Bitcoin was close to $89,000.
KULR Technology is part of the new wave of Bitcoin adoption in the U.S. It announced its very first Bitcoin purchase of roughly 217 BTC in late December. Earlier that month, the company announced the adoption of its own Bitcoin strategy.
The little-known company, which hopes to put itself on the map with its Bitcoin bet, plans to spend roughly 90% of its surplus cash buying the leading cryptocurrency.
The maker of thermal management solutions and energy storage systems went on to expand its Bitcoin holdings in January and February. Following its most recent purchase, its total holdings are approaching 700 coins.
Gamza KhanzadaevKULR is clearly taking a page out of the playbook of business intelligence firm MicroStrategy, whose successful Bitcoin gambit has become the blueprint for corporate cryptocurrency adoption.
Following its December announcement, the penny stock experienced a massive rally, with investors trying to find the next Strategy (MSTR).
Shares of KULR are up by roughly 2% this Tuesday following the most recent Bitcoin announcement.
Meanwhile, Strategy has already surpassed 500,000 BTC in total holdings. The company now holds 2.4% of the entire Bitcoin supply.
Vladislav Sopov
Dan Burgin