KULR invests $21 million in Bitcoin as a part of its treasury technique

THURSDAY, KULR Know-how Group, Inc. (NYSE:KULR) introduced that it had accomplished the acquisition of 217.18 Bitcoin (CRYPTO: BTC) for round $21 million, at a median worth of $96,556.53 per BTC.

This buy follows the corporate’s Dec. 4 announcement of its Bitcoin treasury technique, which introduced the allocation of as much as 90% of its extra treasury to BTC.

The $21 million price of BTC bought for the reason that announcement is the primary of ongoing purchases the corporate intends to make sooner or later.

Learn additionally: AI smartphones to cushion semiconductor industry from data center uncertainty: report

KULR expertise group chosen Coinbase (NASDAQ:COIN) Main platform to offer custody, USDC and self-custodial pockets companies for its BTC.

On December 19, KULR Know-how Group regained compliance with NYSE American necessities equity standards. The corporate had been cited for failure to satisfy particular capital requirements outlined in a December 20, 2023 letter from NYSE American.

This compliance step has boosted investor confidence, sending KULR top off greater than 90% over the previous 5 buying and selling periods.

Reference analyst Michael Legg reclassified KULR Know-how Group from a speculative buy rating to a Purchase ranking and raised the worth goal from $1 to $5.

Worth motion: KULR inventory is up 26.60% at $4.33 eventually verify on Thursday.

Learn additionally:

UNLOCKED: 5 NEW PROFESSIONS EVERY WEEK. Click now to get daily best business ideasplus limitless entry to cutting-edge instruments and techniques to achieve an edge within the markets.

Get the newest inventory evaluation from Benzinga?

This merchandise KULR invests $21 million in Bitcoin as part of its treasury strategy initially appeared on Benzinga.com

© 2024 Benzinga.com. Benzinga doesn’t present funding recommendation. All rights reserved.