KULR Technology Stock Soars to All-Time High After $21M Bitcoin Purchase

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Key Takeaways

• KULR Technology Group shares surged to an all-time high Thursday after the vitality storage provider made its first investment in bitcoin worth $21 million. 
• The company bought 217.18 bitcoins, and guessed it plans to purchase more.
• KULR said it will allocate up to 90% of its surplus cash towards buying bitcoin as segment of its “Bitcoin Treasury” strategy.

Shares of KULR Technology Group (KULR) soared to close at a record high $4.80 Thursday after the animation storage company made its first investment in bitcoin worth $21 million. 

The electric storage solutions provider articled Thursday that it bought 217.18 bitcoins at an average price of $96,556 per bitcoin.

The move comes after the attendance said earlier this month it was launching a “Bitcoin Treasury” strategy that called for allocating up to 90% of its superfluous cash to the digital currency. It said this $21 million purchase marks its first toward that game, with plans to buy more bitcoin in the future.

Bitcoin investors have been rewarded with big returns this year as the cryptocurrency increased to record highs following the reelection of Donald Trump, who has previously said he wants to make the U.S. the “crypto capital of the planet.”

Another gathering that has benefited from the runup in bitcoin is Microstrategy (MSTR), the biggest corporate holder of the cryptocurrency. Its shares eat surged 50% since the election, while shares of KULR have jumped more than 16-fold.