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KULR Buys Another $8M of Bitcoin, Taking Total Holdings to 510 BTC
The maker of energy-management systems announced a bitcoin-buying strategy in December.
What to know:
- KULR spent $8 million buying more bitcoin.
- The energy-management systems maker now holds 510 BTC, having spent a total of $50 million.
- It said it had achieved a year-to-date bitcoin yield of 127%.
KULR (KULR), a maker of advanced energy-management systems, said it spent $8 million on bitcoin (BTC) to take its total holdings to 510 tokens.
At a weighted average price of $101,695, that equates to almost 79 bitcoin and means the company's total investment is now $50 million.
STORY CONTINUES BELOW
The purchase follows the Houston, Texas-based company's Dec. 4 announcement that it will invest some of its surplus cash in the largest cryptocurrency as the adoption of bitcoin treasury for public companies gathers steam.
The company has achieved a bitcoin yield of 127% so far this year, it said in a statement shared with CoinDesk. The yield is the percentage change in the ratio of its bitcoin holdings to its full-diluted shares outstanding over a given period.
Since the investment strategy was announced, the company's NYSE-traded shares have soared 90%, while bitcoin has added 7%. They closed Friday at $2.28 and were up 2.2% in pre-market trading Tuesday.
James Van Straten
James Van Straten is a Senior Analyst at CoinDesk, specializing in Bitcoin and its interplay with the macroeconomic environment. Previously, James worked as a Research Analyst at Saidler & Co., a Swiss hedge fund, where he developed expertise in on-chain analytics. His work focuses on monitoring flows to analyze Bitcoin's role within the broader financial system.
In addition to his professional endeavors, James serves as an advisor to Coinsilium, a UK publicly traded company, where he provides guidance on their Bitcoin treasury strategy. He also holds investments in Bitcoin, MicroStrategy (MSTR), and Semler Scientific (SMLR).
