KULR Technology Group Inc ( KULR ) shares are trading higher Thursday after the company announced a Bitcoin (CRYPTO: BTC) purchase under its newly-adopted Bitcoin Treasury strategy.

What To Know: At the beginning of December, KULR ( KULR ) announced plans to include Bitcoin as a primary asset in its treasury program. The company said that it planned to allocate up to 90% of its surplus cash to Bitcoin.

“Given the unique characteristics of BTC, it provides long term appreciation and a bulwark against geopolitical, inflationary, and other macro-economic and political trends affecting all developed economies,” said Michael Mo, chairman and CEO of KULR Technology ( KULR ).

On Thursday, KULR ( KULR ) announced that it purchased 217.18 Bitcoin for approximately $21 million. The purchases were made at an average price of $96,556.53 per Bitcoin.

KULR ( KULR ) selected Coinbase Prime for wallet services for its Bitcoin. The company noted that this is the first purchase in a string of expected ongoing purchases the company expects to make going forward under its Bitcoin Treasury strategy.

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KULR Price Action: KULR Technology ( KULR ) shares were up 2.19% at $3.49 at the time of publication, according to Benzinga Pro.