KULR Technology Group has become the latest company to adopt a Bitcoin treasury strategy, announcing the acquisition of 217.18 Bitcoin (BTC) for approximately $21 million.

In a December 26 post shared on X, the firm revealed the purchase was made at an average price of $96,556.53 per BTC.

KULR’s Bitcoin Treasury Strategy

An accompanying press release revealed that the buy was the first in a series of planned purchases as part of the New York Stock Exchange-listed companys broader financial strategy.

In the statement, KULR also noted that it has partnered with Coinbase Prime to receive institutional and self-custodial wallet services for its BTC and to be supplied with USDC.

The firm first announced its Bitcoin treasury strategy on December 4, outlining plans to allocate up to 90% of its surplus cash into the cryptocurrency.

KULR Chairman and CEO Michael Mo highlighted the companys belief in Bitcoin’s long-term potential, saying:

We believe the growing global acceptance of Bitcoin is still in its early stages. Companies, financial institutions, governments, and the capital markets are recognizing and incorporating blockchain technology, and specifically, BTC, into their overall economic toolkits.

He further elaborated on the cryptocurrencys unique characteristics, describing it as a safeguard against inflationary, geopolitical, and macroeconomic challenges while offering long-term appreciation.

The executive expressed confidence that this strategy would strengthen KULRs financial position, expand operations, and establish a resilient financial reserve.

The company specializes in energy storage and management solutions. According to Google Finance data, its stock price responded positively to the news, rising by 40.35% over the last 24 hours.

Corporate Adoption of Bitcoin Gains Momentum

KULR’s Bitcoin acquisition is part of a broader trend of companies embracing crypto as a key component of their financial strategies. Recently, Rumble, the popular online video streaming platform, announced plans to allocate some of its surplus cash into the number one virtual currency. In line with this, the company has set a target of up to $20 million for its BTC investments.

Similarly, Genius Group, a firm focused on artificial intelligence, disclosed a $4 million Bitcoin purchase, bringing its stack to 153 coins. This was after the company revealed plans to embrace a Bitcoin-first strategy, allocating 90% or more of its reserves to the trillion-dollar cryptocurrency to capitalize on its potential as a long-term store of value.

Other companies, including Semler Scientific and Japans Metaplanet, have expanded their holdings to leverage Bitcoin as a strategic reserve asset. MicroStrategy, which pioneered the strategy, remains the largest holder of the asset among publicly traded companies, with its stash of 444,262 BTC worth an estimated $42.8 billion at current prices.