KULR Technology Acquires 217 Bitcoin for $21M, Partners with Coinbase Prime for Custody Services

On By Littum





KULR Technology Group has bought 217.18 Bitcoin (BTC) for approx 21 million dollarswith an average price of $96,556.53 per BTC. This acquisition follows the company’s Dec. 4 announcement of its Bitcoin Treasury strategy, which outlined plans to allocate up to 90% of excess cash to BTC. The company has chosen the Coinbase Prime platform for escrow, USDC and self-escrow wallet services. This purchase marks the first of ongoing BTC purchases that KULR intends to make in the future.

KULR Technology Group ha purchased 217.18 Bitcoin (BTC) per approx 21 million dollarswith an average price of $96,556.53 per BTC. Questo acquisto segue l’announcement della strategia Bitcoin Treasury dell’azienda del 4 dicembre, che delineava plansi per allocare fino al 90% of cash profit in BTC. The company has chosen the platform Coinbase Prime for the services of custody, USDC and wallet autogestiti. This acquisition marks the first of a series of BTC acquisitions that KULR intends to effect in the future.

KULR Technology Group ha to 217.18 Bitcoin (BTC) approximately 21 million dollarswith a price of $96,556.53 of BTC. This acquisition follows al anuncio de la strategy Bitcoin Treasury de la compañía del 4 de diciembre, que esbozó flys para assignar hasta el 90% of the impact exceeds BTC. The company has selected the platform Coinbase Prime for the services of custody, USDC and billetera autogestionada. This purchase marks the first of the continuous acquisitions of BTC that KULR plans to realize in the future.

KULR technology group is about 2100 million dollars에 217.18 Bitcoin(BTC)을 구리이다, the average price of BTC is $96,556.53. 이 사이는 마리지인 금고 자이스 한국어 한국어 하이지이다, 이 90% of the remaining cash를 BTC에 배정하 아니다 includes The company chose Coinbase Prime platform to store USDC and self-custodial wallet service. This purchase is the first case of BTC acquisition that KULR will proceed with in the future.

KULR Technology Group a piece 217.18 Bitcoin (BTC) pour environment 21 million dollarswith a price of $96,556.53 pair of BTC. Cette acquisition fait suite à l’annonce de la stratégie Bitcoin Treasury de l’entreprise du December 4, qui décrivait des plans pour allouer jusqu’à 90% of excess liquidity in BTC. The company chose the platform Coinbase Prime for services de garde, USDC and portefeuille autogéré. This purchase marks the first of a series of BTC acquisitions that KULR expects to make in the future.

KULR Technology Group hat 217.18 Bitcoin (BTC) for example 21 million dollars erwerben, mit ene Durchschlagspreis from $96,556.53 for BTC. This Acquisition is followed up by the Ankündigung der Bitcoin Treasury-Strategie des Unternehmens on December 4, where Pläne sketchierte, bis zu 90% of the excess capital in BTC to invest. Das Unternehmen has selected the Coinbase Prime Platform for Verwahrung, USDC and Selbstverwahrung-Wallet-Dienste. Dieser Kauf marks the first of the continuous BTC acquisitions that KULR would like to carry out in the future.

Positive


  • Strategic Allocation of $21 Million in Bitcoin Diversifies Treasury Holdings


  • Partnership with established cryptocurrency platform Coinbase Prime for custody services


  • Clear Execution of Announced Bitcoin Treasury Strategy


Negative


  • Significant cash commitment (90% of profits) to volatile cryptocurrency assets


  • High average purchase price of $96,556.53 per Bitcoin increases downside risk


  • Significant exposure to cryptocurrency market volatility


Insight


KULR’s 21 million dollars Bitcoin acquisitions mark a significant shift in corporate financial management, acquisition 217.18 BTC at an average price of $96,556.53 per unit. This bold move, allocates up to 90% of excess cash to Bitcoin, represents a high-risk, high-potential strategy that could significantly affect the company’s financial position.

The timing of this purchase coincides with Bitcoin’s historical price levels, suggesting either a strong belief in further appreciation or potential overexposure to cryptocurrency market volatility. This strategy mirrors MicroStrategy’s approach, but has elevated risk given KULR’s smaller market capitalization 818 million dollars. The partnership with Coinbase Prime provides institutional-grade security, but introduces considerations of counterparty risk.

For investors, this represents a de facto conversion of KULR into a hybrid stock – part energy management company, part Bitcoin proxy. The stock’s performance is likely to become increasingly correlated with Bitcoin price movements, potentially overshadowing business fundamentals. This treasury transformation effectively turns KULR into a leveraged Bitcoin play that can amplify both gains and losses for shareholders.

The magnitude of this reallocation of the Treasury requires scrutiny from a risk management perspective. Commit to investing 90% of excess cash in Bitcoin creates significant concentration risk and can affect operational flexibility. While Bitcoin offers potential value appreciation, it also introduces significant balance sheet volatility.

Key risk factors include:

  • liquidity reserves for operational needs
  • Exposure to regulatory changes in cryptocurrency
  • Potential mark-to-market losses affecting quarterly reports
  • Increased correlation with crypto market volatility

Think of this as transforming the corporate treasury from a stable bank account to a volatile investment portfolio. For a company in the energy management sector, this level of financial experimentation represents a significant departure from industry standards and may affect relationships with conservative business partners or institutional investors.












HOUSTON, Dec. 26, 2024 (GLOBE NEWSWIRE) — KULR Technology Group, Inc. (NYSE American: KULR) (the “Company” or “KULR”), a leader in advanced energy management platforms, announced today that it has completed the purchase of 217.18 Bitcoin (“BTC”) for approx. 21 million dollarsat an average price of $96,556.53 per BTC.

The purchase follows the company’s December 4 announcement of its Bitcoin Treasury strategy, in which it announced the allocation of up to 90% of its excess cash to BTC. The 21 million dollars of BTC purchased, as the announcement is the first of ongoing purchases that the company intends to make going forward. KULR selected Coinbase’s (NASDAQ: COIN) Primary platform to provide escrow, USDC and self-escrow wallet services for its BTC.

For more information, visit www.kulrtechnology.com.

About KULR Technology Group Inc.
KULR Technology Group Inc. (NYSE American: KULR) provides cutting-edge energy storage solutions for space, aerospace and defense by leveraging a foundation of in-house battery design expertise, comprehensive cell and battery test suite, and battery manufacturing and manufacturing capabilities. The company’s holistic offerings allow delivery of commercial off-the-shelf and custom next-generation energy storage systems in rapid timelines at a fraction of the cost compared to traditional programs. For more information, please visit www.kulrtechnology.com.

Safe Harbor Statement
This release contains certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. Forward-looking statements in this release are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements due to risks and uncertainties associated with our business, which include the risk factors disclosed in our Form 10-K filed with the Securities and Exchange Commission on April 12, 2024, which may be amended or supplemented by other reports we file with the Securities and Exchange Commission from time to time. Forward-looking statements include statements about our expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” ” should” and “would” or similar words. All forecasts provided by management in this release are based on information currently available, and management expects that internal projections and expectations may change over time. In addition, the forecasts are based solely on management’s best estimate of our future financial performance given our current contracts, current backlog of opportunities and conversations with new and existing customers about our products and services. We undertake no obligation to update the information in this press release, whether as a result of new information, future events or otherwise.

Investor Relations:
KULR Technology Group, Inc.
Phone: 858-866-8478 x 847
Email: [email protected]









FAQ



How much Bitcoin did KULR Technology Group buy in December 2024?

KULR Technology Group bought 217.18 Bitcoin for approximately $21 million at an average price of $96,556.53 per BTC.


What percentage of excess cash does KULR allocate to Bitcoin?

KULR announced plans to allocate up to 90% of its excess cash to Bitcoin investments.


What platform does KULR use for Bitcoin custody services?

KULR chose Coinbase’s Prime platform to provide escrow, USDC and self-escrow wallet services for its Bitcoin holdings.


When did KULR announce its Bitcoin Treasury strategy?

KULR announced its Bitcoin Treasury strategy on December 4, 2024.


Is this KULR’s only planned Bitcoin purchase?

No, this is the first of ongoing Bitcoin purchases that KULR intends to make going forward.